A. A nonprofit corporation that is a lessee as provided in section 28-8423:

Terms Used In Arizona Laws 28-8424

  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101

1. Is a validly organized and existing body politic and corporate exercising its powers for the benefit of the people, for the improvement of the people’s health and welfare and for the increase of the people’s traffic and prosperity.

2. Is engaged in a public purpose essential to transportation and communication.

3. Performs an essential governmental function as an agency or instrumentality of the city, town, county or state.

4. Is exempt from property taxation by this state or an agency of this state.

5. Possesses and may exercise police powers and other governmental powers on the terms, conditions, limitations, restrictions and agreements provided in the lease agreements.

6. May issue bonds, incur obligations and pledge its revenues as security for the payment of bonds and obligations for airport and air terminal purposes to the extent provided by the lease agreement as it exists or as it may be amended, without regard to any statutory limitation of indebtedness of corporations having authorized capital stock.

B. The following do not apply to a nonprofit corporation that leases the Grand Canyon national park airport as provided in section 28-8423:

1. Chapter 20, article 2 of this title.

2. Title 33, chapter 7, article 6.

3. Title 41, chapter 4, article 5 and 6.

4. Title 41, chapter 6.

5. Title 41, chapter 23.

 

 

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