Title 41 — State Government
53 chapters · 1,475 sections in this title.
A.R.S. § 41-2251 Definitions
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In this article, unless the context otherwise requires: 1. "Authority" means the greater Arizona development authority. 2. "Board" means the board of directors of the Arizona finance authority established by chapter 53, article 2 of this title. 3. "Financial assistance" means ass…
A.R.S. § 41-2252 Greater Arizona development authority
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The greater Arizona development authority is established in the Arizona finance authority. The authority shall be governed by the board of directors of the Arizona finance authority.
A.R.S. § 41-2253 Powers and duties of authority
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A. The authority is a body corporate and politic and shall have an official seal that is judicially noticed. The authority may sue and be sued, contract and acquire, hold, operate and dispose of property as necessary to carry out its responsibilities under this article. B. The au…
A.R.S. § 41-2254 Greater Arizona development authority revolving fund
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A. The greater Arizona development authority revolving fund is established consisting of: 1. Monies appropriated by the legislature. 2. Monies received from the United States government to carry out this article. 3. Monies received from political subdivisions, Indian tribes, trib…
A.R.S. § 41-2255 Project application and prioritization
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A. The authority shall: 1. Establish an application form for technical and financial assistance. 2. Establish a procedure to review and approve or disapprove on its merits each administratively complete application for technical and financial assistance. 3. Establish by rule crit…
A.R.S. § 41-2256 Technical assistance; repayment agreements
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A. The authority may provide technical assistance to political subdivisions, special districts, Indian tribes and tribal subdivisions in connection with the development or financing of infrastructure. B. Technical assistance may include the following: 1. Assistance in selecting o…
A.R.S. § 41-2257 Financial assistance
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A. The authority may provide financial assistance to political subdivisions, special districts and Indian tribes in developing, acquiring, constructing, improving, equipping or refinancing infrastructure. The financial assistance shall include: 1. Loans as provided in this sectio…
A.R.S. § 41-2258 Greater Arizona development authority bonds
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A. The authority, through the board, may issue negotiable bonds in a principal amount that in its opinion is necessary to provide sufficient monies for assistance under this article, to refund bonds, when the authority deems it expedient to do so, maintaining sufficient reserves …
A.R.S. § 41-2259 Bond obligations of the authority
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Bonds issued under this article are obligations of the authority, are payable only according to their terms and are not general, special or other obligations of this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. Payment …
A.R.S. § 41-2260 Agreement of state
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A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the rights vested in the authority or any successor agency to collect the monies necessary to produce sufficient revenue to fulfill the terms of any agreements made with the …
A.R.S. § 41-2261 Certifications of bonds by attorney general
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A. The board may submit any bonds issued under this article to the attorney general after all proceedings for their authorization have been completed. Within fifteen days after submission the attorney general shall examine and pass on the validity of the bonds and the regularity …
A.R.S. § 41-2262 Bonds as legal investments
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Bonds issued under this article are securities: 1. In which public officers and bodies of this state and of municipalities and political subdivisions of this state, all companies, associations and other persons carrying on an insurance business, all financial institutions, invest…
A.R.S. § 41-2263 Annual audit and reporting
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A. The board shall cause an annual audit to be made of the fund. The audit shall be conducted by a certified public accountant within one hundred fifty days after the close of the fiscal year. The board shall immediately file a certified copy of the audit with the auditor general…