Arizona Laws 28-368. Property acquisition; definition
A. The director may acquire in the name of this state by gift, grant, purchase, lease-purchase, condemnation or any other lawful manner real property or buildings that are necessary, useful or convenient for the use of the department. The director shall not acquire land or buildings by purchase or condemnation without prior approval of the joint committee on capital review established by section 41-1251 and without an appropriation of monies by the legislature for the acquisition.
Terms Used In Arizona Laws 28-368
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- Director: means the director of the department of transportation. See Arizona Laws 28-101
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
B. The director may enter into certificate of participation financing arrangements to provide financing or refinancing for real property or buildings that are necessary, useful or convenient for the use of the department.
C. A lease-purchase agreement relating to land or buildings under this section shall provide that:
1. The obligation of this state to make a payment under the agreement is a current expense of the department, is payable exclusively from appropriated monies and is not a general obligation indebtedness of this state or the department.
2. If the legislature fails to appropriate monies or the department fails to allocate the monies for any periodic payment or renewal term of the agreement, the agreement terminates at the end of the current term and this state and the department are relieved of any subsequent obligation under the agreement.
3. The attorney general and the joint committee on capital review shall review and approve the agreement before the lease-purchase agreement takes effect.
D. The attorney general shall review the agreement for compliance with the constitution and laws of this state. If in the attorney general’s opinion the agreement is in compliance, the attorney general shall append the attorney general’s certification to the agreement and return it to the department. On request by the director, the attorney general may give other opinions relating to the agreement.
E. The joint committee on capital review shall review and approve a lease-purchase agreement under this section before the agreement takes effect.
F. The department may covenant to use its best efforts to budget, obtain, allocate and maintain sufficient appropriated monies to make payments under a lease-purchase agreement. The agreement shall acknowledge that appropriating state monies is a legislative act and is beyond the control of the department or of any other party to the agreement.
G. For the purposes of this section, "certificate of participation financing" means an installment purchase or lease-purchase agreement that is subject to appropriations and that is structured to allow investors to receive a portion of the principal and interest payments made by the department as required by the agreement.