Title 35 — Public Finances

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

A. This chapter shall not 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, chapter 12, article 4, no procee…

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

The principal and interest of any bonds issued by the corporation may be secured by a pledge of the revenues and receipts of the corporation out of which the principal and interest are to be made payable, by a mortgage covering all or any part of the properties of the corporation…

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

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 or interest of any bonds of the corporation or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the corporation, …

For the purposes of carrying out the provisions of this chapter, the governing body of a municipality or county may enter into cooperative agreements with governing bodies of any other municipality or county or with the state or any department or agent thereof, or with the United…

In this chapter, unless the context otherwise requires: 1. "Authority" means the Arizona finance authority established by title 41, chapter 53, article 2. 2. "Board" means the board of directors of the authority. 3. "Bond" means any obligation that is subject to the provisions of…

A. Subject to this chapter, the total amount of the state ceiling is allocated among projects pursuant to this section. The director shall issue confirmations on a first-come, first-served basis, subject to section 35-904, subsection A in the event of oversubscription, within any…

A. The Arizona finance authority is designated as the exclusive state registry for: 1. Requests. 2. Recordation of confirmations, whether outstanding or lapsed. 3. Certificates of closing. 4. Recordation of all requests for carry-forward amounts for specific projects. 5. Other re…

A. Subject to section 35-905, a confirmation allocating a portion of the state ceiling to a project must be obtained before the sale or issuance of bonds or mortgage credit certificates by the issuer. A confirmation may be obtained by filing with the authority a request and evide…

A. Before August 31, a confirmation shall not be allocated to a project in an amount greater than $35,000,000, except that this subsection does not apply to any project that is eligible to receive an allocation pursuant to section 35-902, subsection B, C or D. For the purposes of…

A. Any portions of the state ceiling, including any portions of the state ceiling subject to a confirmation for which bonds have not been issued or for which a qualified mortgage credit certificate program has not been established by 5:00 p.m. on March 31, other than confirmation…

A. Any portions of the state ceiling for which bonds have not been issued by 5:00 p.m. December 16, other than confirmations extended pursuant to section 35-910, shall be pooled and are subject to allocation by the director to projects eligible for a carryforward allocation under…

A confirmation is effective as to bonds or mortgage credit certificates issued in lesser amounts than the principal amount set forth in the confirmation, but for bonds issued after 5:00 p.m. June 1, if the principal amount of bonds issued is less than the principal amount set for…

On the earlier of three business days after notice of issuance of the confirmation pursuant to section 35-904, subsection H or the filing of a certificate of closing, the authority shall be paid a nonrefundable confirmation fee of three hundred twenty dollars per million dollars …

A. A confirmation may be extended one time for up to ninety days but not later than December 16 on providing the authority with a security deposit equal to one per cent of the principal amount set forth in the confirmation. The security deposit and request for extension shall be …

The authority may do all things necessary or desirable to carry out the purpose of this chapter, including issuing certifications regarding the aggregate amounts of allocations on bonds or mortgage credit certificates.

No pecuniary recourse may be had for any claim based on any obligation contained in this chapter against this state or the authority or any of the past, present or future agencies, officers, directors, employees or agents.

A. This section governs allocations of the state ceiling made by the director pursuant to section 35-902, subsection C. B. If the portion of a corporation's allocation computed pursuant to subsection C of this section is less than ten million dollars, the director shall first awa…

In this chapter, unless the context otherwise requires: 1. "Governmental entity" means this state, any county, city, town, municipality or other political subdivision of this state or any department, agency, board, commission, authority, political subdivision, public corporation …

A. A governmental entity may enter into, modify, amend and terminate one or more swap agreements that it determines to be necessary or desirable in connection with, or incidental to, the conduct of its activities, including in connection with the issuance, carrying or securing of…

Absent bad faith or actual knowledge to the contrary, a counterparty that enters into a swap agreement with a governmental entity may rely on a representation by that governmental entity that it is authorized or empowered to enter into the swap agreement. Notwithstanding the fail…

A. A governmental entity may deduct amounts which the governmental entity is to receive pursuant to swap agreements from the amounts due on its bonds or other long-term obligations for the purposes of determining: 1. Whether a governmental entity has satisfied statutory requireme…

For purposes of this chapter, "governmental entity" does not include any agricultural improvement district formed or operating under title 48, chapter 17, and this chapter shall not restrict or modify the powers of an agricultural improvement district to enter into swap agreement…

A. A statutory fund established prior to the effective date of this section may not be reclassified as a fund held in trust unless the fund under consideration meets the following factors: 1. Serves at least one of the following purposes: (a) Protects public health or safety. (b)…

In this chapter, unless the context otherwise requires: 1. "Administrator" means the statewide collateral pool administrator. 2. "Default or insolvency" includes the failure or refusal of any eligible depository to return any public deposit on demand or at maturity and the issuan…

The statewide collateral pool administrator is established in the office of the state treasurer. On or before July 1, 2014, the administrator shall have the necessary policies and procedures in place to implement this chapter. The administrator may: 1. Adopt and enforce the polic…

On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of the depositor's rights, title and interest against the depository that is in default or insolvent and shall share in any distribution of the…

A. Uninsured public deposits required to be secured by collateral pursuant to this chapter shall be deposited in an eligible depository. B. On written notice to the administrator, a city that is governed by a charter and that has a population of more than one million persons is e…

A. All public depositors may make public deposits under the depositor's control in eligible depositories. The eligible depository shall secure any uninsured public deposits pursuant to this chapter or in accordance with the procedures prescribed in section 35-323.01. B. Local off…

When deposits are made in accordance with this chapter, an official of a public depositor is not personally liable for any loss resulting from the default or insolvency of any eligible depository in the absence of negligence, malfeasance, misfeasance or nonfeasance on the part of…

A. An eligible depository shall not accept or retain any public deposit that is required to be secured unless the eligible depository has deposited the required collateral with a qualified escrow agent or the administrator, if required. Every eligible depository shall deposit wit…

A. Eligible collateral shall be held as provided in this article or by policy of the administrator. Eligible collateral shall be held in the custody of any bank, including a federal reserve bank, or any depository trust company. B. Each eligible depository shall provide in a writ…

At the request of the administrator, each eligible depository shall submit to the administrator a report, as prescribed by the administrator, showing the current market value of the depository's pledged collateral. The report shall be certified as to its accuracy by an authorized…

When the administrator determines that an eligible depository securing public deposits in accordance with this section is a defaulting depository, the administrator shall take steps as promptly as practicable to reimburse public depositors of all uninsured public deposits held by…

A. The administrator may assess against and collect the following from an eligible depository for noncompliance with the requirements of this chapter: 1. A civil penalty of not more than two hundred fifty dollars for each day the eligible depository fails to maintain with its qua…

A. The administrator shall annually assess every eligible depository that is securing any uninsured public deposits pursuant to this chapter a fee in an amount established by the administrator for the enforcement and administration of this chapter. The fees shall fairly and equit…