A. Not later than the first day of each month, the fiscal agent shall distribute from the conservation development fund to the appropriate bond payment funds and accounts such monies as are necessary to pay when due the principal of, interest on and any premium on all outstanding bonds. The time, method, amounts, priority and appropriate fund of these distributions shall be as provided in the resolution authorizing the issuance of the bonds and the agreement with the bondholders.

Terms Used In Arizona Laws 17-288

  • Bonds: means bonds issued by the commission pursuant to this article. See Arizona Laws 17-281
  • Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
  • Resolution: means any resolution adopted by the commission and any trust indenture or other agreement executed by the commission pursuant to a resolution. See Arizona Laws 17-281

B. If the monies in all the funds and accounts are sufficient to pay when due all principal coming due on outstanding bonds during the ensuing twelve months and all other amounts coming due on outstanding bonds during the ensuing six months, the fiscal agent shall distribute any excess monies in the conservation development fund to the capital improvement fund.

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