Title 35 — Public Finances

In this chapter, unless the context otherwise requires: 1. "Corporation" means any corporation organized as an authority as provided in this chapter. 2. "Governing body" means: (a) The board or body in which the general legislative powers of the municipality or the county are ves…

A. Whenever any number of natural persons, not less than three, each of whom is a qualified elector of the municipality or the county or, in the case of a corporation to be formed with the permission of the Arizona finance authority or the Arizona board of regents, qualified elec…

In addition to the requirements of title 10, the articles of incorporation shall set forth: 1. The names and residences of the applicants, together with a recital that each of them is a qualified elector of the municipality or the county or, in the case of a corporation to be for…

The articles of incorporation may at any time and from time to time be amended to make any changes therein and add any provisions thereto which might have been included in the certificate of incorporation in the first instance, provided that the members of the board of directors …

The authority shall have a board of directors in which all powers of the authority shall be vested and that shall consist of any number of directors, not less than three nor more than nine, all of whom shall be duly qualified electors of the municipality or county with respect to…

A. In addition to the powers granted to an industrial development authority by law, the authority has the following powers, together with all powers incidental or necessary for the performance of those powers: 1. To acquire, whether by purchase, exchange, gift, lease or otherwise…

Notwithstanding the provisions of any other law, a corporation may prohibit the assumption of any single family mortgage loan purchased by it in accordance with the provisions of section 35-706 and require prepayment of the loan if the person proposing to assume the loan or the s…

A. For purposes of section 35-701, paragraph 6, in areas other than a slum or blighted area, the authority undertaking the bond issue shall set aside for sixty days thirty percent of the mortgages for owner-occupied single family dwelling units for persons and families whose inco…

A. All principal and interest of bonds issued by the corporation shall be payable solely out of the revenues, proceeds and receipts derived from the corporation's sale of property, loan repayments or lease rentals, or out of the proceeds of bonds issued hereunder, or of any reven…

The governor or the attorney general, or the state treasurer if designated by the governor, may approve the issuance of any bonds issued by a corporation formed with the permission of the Arizona finance authority or the Arizona board of regents for purposes of complying with fed…

This chapter shall not be construed to authorize the incurrence of a debt by this state within the meaning of any constitutional provision or to permit the pledging of student fees, charges or tuition to the payment of any bonds issued pursuant to this chapter.

The principal of and interest on any bonds issued by the corporation shall be secured by a pledge of the revenues, proceeds and receipts or any portion thereof out of which the principal and interest are made payable, and may be secured by a mortgage covering all or any part of t…

Bonds issued under the provisions of this chapter shall be legal investments for all banks, trust companies and insurance companies organized and operating under the laws of this state.

A. Bonds shall not be issued by a corporation for the purpose of financing single family dwelling units pursuant to section 35-706, subsection A, paragraph 11 or 12 without approval of a general plan by its governing body. The corporation shall submit a general plan for each resp…

A. In addition to the other powers granted to the department, the department may: 1. Adopt rules for the conduct of its business and its review of the activities described in this article. 2. Contract with, retain or designate financial consultants, attorneys and such other consu…

For purposes of this article and chapter 7 of this title, the following are exempt from title 41, chapter 23 or other restrictions on the procedure for entering into contracts: 1. The Arizona commerce authority. 2. The Arizona department of housing.

The corporation and its income and all bonds issued by it and the income therefrom shall be exempt from all taxation in this state, except that property of the corporation shall be subject to all applicable ad valorem taxes. If such property is leased, such ad valorem taxes shall…

The municipality or the county shall not in any event be liable for the payment of the principal of or interest on any bonds of the corporation, formed thereby or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken b…

Notwithstanding any other provision of law, the municipality or county in which an industrial development authority corporation has been organized may expend public monies to procure liability insurance covering the corporation and its board directors, members, officers, agents a…

A. The corporation shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation. B. A project shall be exempt from any requirement of competitive bidding or other restri…

Whenever the board of directors of the corporation, by resolution, determines that the purposes for which the corporation was formed have been substantially complied with and that all bonds and mortgage credit certificates theretofore issued and all obligations theretofore incurr…

The articles of incorporation of the corporation and the certificate of dissolution of the corporation shall be filed for record with the corporation commission.

Neither this chapter nor anything herein contained shall be construed as a restriction or limitation upon any powers which the corporation otherwise might have under any laws of this state, but shall be construed as cumulative of any such powers. Except as provided in title 44, c…

For the purposes of carrying out the intent and provisions of this chapter, the authorizing governing body may enter into cooperative agreements with any other governing bodies or with a state or any department or agency thereof, or with the United States or with any agency, depa…

A. Any reviewing entity exercising its statutory duties in connection with a project may agree with any other reviewing entity to share information, coordinate review schedules or jointly conduct reviews. B. A reviewing entity, in its discretion, may cooperate in the review of a …

In this article, unless the context otherwise requires: 1. "Educational institution" means a university under the jurisdiction of the Arizona board of regents, a community college in this state, an accredited private postsecondary institution eligible under title IV of the higher…

A. In addition to any powers granted under this chapter, a corporation is authorized to issue bonds in order to finance student loans made in a student loan program established pursuant to this article and to issue refunding bonds to refund bonds previously issued under this arti…

A. All industrial development authorities are authorized to exercise powers and issue revenue bonds to finance student loans in accordance with this chapter so that the state's student loan program is available for eligible students at educational institutions as a student loan p…