Arizona Laws 15-1683. Issuance of bonds
A. The board shall have power, and is hereby authorized from time to time, to issue bonds:
Terms Used In Arizona Laws 15-1683
- Acquire: includes to purchase, lease, lease-purchase, erect, build, construct, reconstruct, raze, remodel, repair, replace, alter, extend, expand, better, equip, furnish, develop, improve and embellish a project, and the acquisition, preparation and development of a site or sites therefor. See Arizona Laws 15-1681
- Board: means the Arizona board of regents or its successor. See Arizona Laws 15-1681
- Bonds: means any bonds issued pursuant to this article. See Arizona Laws 15-1681
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Institution: means the university of Arizona, Arizona state university and northern Arizona university or any other college or university under the jurisdiction and control of the board or its successor. See Arizona Laws 15-1681
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Project: means and includes buildings, structures, areas and facilities which, as determined by the board, are required by or necessary for the use or benefit of each of such institutions, including, without limiting the generality of the foregoing, student, faculty or staff housing facilities, residence halls, dormitories and apartments; student union and recreational buildings and stadiums; other facilities for student, faculty or staff services; any facility or building leased to the United States of America; parking garages and areas; offices, classrooms, laboratories, dining halls and food service facilities, libraries, auditoriums, or parts thereof, or additions or extensions thereto; heating, lighting and other utility service facilities in connection therewith, or parts thereof, or additions or extensions thereto; whether heretofore acquired and now or hereafter used for any or all of the purposes aforesaid, or as may be hereafter acquired under this article, with all equipment and appurtenant facilities; or any one, or more than one, or all of the foregoing, or any combination thereof, for any institution, including sites therefor. See Arizona Laws 15-1681
- Subject: means a division or field of organized knowledge, such as English or mathematics, or a selection from an organized body of knowledge for a course or teaching unit, such as the English novel or elementary algebra. See Arizona Laws 15-101
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
1. To acquire any one project, or more than one, or any combination thereof, for such institution, if both of the following conditions are met:
(a) As of the date of issuance of bonds or certificates of participation for any institution, projected debt service on bonds and certificates of participation then outstanding and proposed to be issued for such institution, as shown in the most recent capital improvement plan reported to the board, may not exceed, in any fiscal year shown in such capital improvement plan, more than eight per cent of such institution’s total projected expenditures and mandatory transfers. The calculation of compliance with this condition shall be as set forth in and approved by the board in its adopted capital improvement plan for such institution. Projected debt service in the capital improvement plan for any project financed with commercial paper shall be calculated based on the projected debt service on the permanent financing for the project or, for projects that are not expected to be replaced with permanent financing, the projected debt service shall be calculated based on an assumed financing term of thirty years.
(b) The project to be acquired with the proceeds of the bonds is reviewed by the joint committee on capital review.
2. To refund bonds heretofore and hereafter issued to acquire any project or projects for such institution as hereinafter provided for.
3. To refund any such refunding bonds.
4. For any one, or more than one, or all of such purposes, or any combination thereof.
B. All bonds shall be authorized by resolution of the board and may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times not exceeding the earlier of forty years from the respective dates thereof or the useful life of the capital improvements, may mature in such amount or amounts, may bear interest at such rate or rates as shall be determined by the board, payable at such time or times, may be in such form, either coupon or registered as to principal only or as to both principal and interest, may carry such registration privileges, including the conversion of a fully registered bond to a coupon bond or bonds and the conversion of a coupon bond to a fully registered bond, may be executed in such manner, may be made payable in such medium of payment, at such place or places within or without the state, and may be subject to such terms of redemption prior to their expressed maturity, with or without premium, as such resolution or other resolutions may provide. All bonds issued under this article shall be sold as the board shall determine. Such resolution may provide that one of the officers of the board shall sign such bonds manually and that the other signatures may be printed, lithographed, engraved or otherwise reproduced thereon. The coupon bonds shall be fully negotiable within the meaning of the uniform commercial code, title 47.