A. The nonprofit corporation may issue its corporate bonds in principal amounts as the board of directors determines to be necessary to provide sufficient monies for purposes of the community health system.

Terms Used In Arizona Laws 11-1440

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: means the board of directors of a nonprofit corporation that operates a community health system pursuant to this chapter. See Arizona Laws 11-1401
  • Bonds: means any bonds, refunding bonds, notes or other debt instrument issued by a nonprofit corporation under this chapter. See Arizona Laws 11-1401
  • Community health system: means the health system maintained, owned or operated by a nonprofit corporation after the transfer date under this chapter. See Arizona Laws 11-1401
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • corporation: means a nonprofit corporation that is organized under title 10 and that is qualified or will qualify under section 501(c)(3) of the internal revenue code. See Arizona Laws 11-1401
  • Health system: means any health care institution and all related real and personal property including, without limitation, all clinics, rehabilitation centers, therapy facilities, outpatient clinics, nursing homes, blood banks, ambulance facilities, extended care facilities, dispensaries, pharmacies, parking facilities, laundry facilities, dormitories, offices and administration buildings, cafeterias and food service facilities, research, laboratory and diagnostic facilities, libraries, information systems and data bases, ambulances, stretcher vans and other medical transportation equipment, education facilities, school-based clinics, equipment, tools, machinery, accounts receivable and other intangible assets, health maintenance organizations, health care services organizations and health insurance plans, including all related reserves, deposits, prepayments, risk pools and similar assets of these organizations and plans, graduate medical and other health care professional educational programs, public health education programs and business operations, in each case maintained, owned or operated for the payment and delivery of medical services, nursing services, home health services, home delivery services, emergency medical services, behavioral health services, long-term care services, health-related services and health screening services, adult day health services, adult foster care services, hospice services, personal care services, respite care services, supervisory care services and medical equipment services. See Arizona Laws 11-1401
  • Sponsoring county: means a county that enters into an operating agreement under this chapter. See Arizona Laws 11-1401

B. Bonds issued by the nonprofit corporation:

1. Are entitled to all of the immunities and exemptions afforded bonds of other nonprofit corporations.

2. Are obligations of the nonprofit corporation, and are not in any manner obligations of the sponsoring county or of this state.

3. Do not constitute a legal debt of the sponsoring county or of this state.

4. Are not enforceable against the sponsoring county or this state.

5. Are not enforceable against the county’s interest in any health system assets that are leased pursuant to section 11-1432. The county shall not subordinate its lessor interest to any obligee of the nonprofit corporation.

6. Are payable only from the revenues or other assets of the nonprofit corporation that is pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds.

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