Arizona Laws 41-2253. Powers and duties of authority
A. The authority is a body corporate and politic and shall have an official seal that is judicially noticed. The authority may sue and be sued, contract and acquire, hold, operate and dispose of property as necessary to carry out its responsibilities under this article.
Terms Used In Arizona Laws 41-2253
- Authority: means the greater Arizona development authority. See Arizona Laws 41-2251
- Board: means the board of directors of the Arizona finance authority established by chapter 53, article 2 of this title. See Arizona Laws 41-2251
- Contract: A legal written agreement that becomes binding when signed.
- Financial assistance: means assistance provided by the authority to eligible political subdivisions, special districts and Indian tribes pursuant to section 41-2257. See Arizona Laws 41-2251
- Fund: means the greater Arizona development authority revolving fund established by section 41-2254. See Arizona Laws 41-2251
- Infrastructure: means any land, building or other improvement and equipment or other personal property that will make up part of a facility that is located in this state for public use and that is owned by a political subdivision, special district or Indian tribe that retains ultimate responsibility for its operation and maintenance. See Arizona Laws 41-2251
- Loan: means bonds, leases, loans or other evidences of indebtedness. See Arizona Laws 41-2251
- Loan repayment agreement: means an agreement to repay a loan entered into by a political subdivision, special district or Indian tribe. See Arizona Laws 41-2251
- Property: includes both real and personal property. See Arizona Laws 1-215
- Short-term assistance: means assistance provided by the authority to political subdivisions, special districts and Indian tribes in connection with the financing of infrastructure. See Arizona Laws 41-2251
- Technical assistance: means assistance provided pursuant to section 41-2256. See Arizona Laws 41-2251
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. The authority, through its board, may:
1. Issue bonds to provide financial assistance to political subdivisions, special districts and Indian tribes for acquiring, constructing, improving or equipping infrastructure or for refinancing outstanding bonds or other obligations of the political subdivisions, special districts or Indian tribes that were issued to acquire, construct, improve or equip infrastructure. The bonds shall be in the name of the authority.
2. Provide financial assistance to political subdivisions, special districts and Indian tribes to finance or refinance infrastructure projects.
3. Guarantee debt obligations of political subdivisions, special districts and Indian tribes that are issued to finance or refinance infrastructure projects.
4. Provide technical assistance or short-term assistance to political subdivisions, special districts, Indian tribes and tribal subdivisions.
5. Apply for, accept and administer grants and other monetary assistance from the United States government and from other public and private sources to carry out its responsibilities under this article.
6. Hire professional assistance as needed to carry out this article.
C. The board shall:
1. Approve all policies and procedures of the authority.
2. Approve which projects receive technical and financial assistance.
3. Approve loan repayment agreements entered into with political subdivisions, special districts and Indian tribes.
D. The authority may impose administrative fees and penalties that are necessary to recover the costs incurred in connection with entering into or enforcing a loan repayment agreement or providing financial or technical assistance.
E. The board shall deposit, pursuant to sections 35-146 and 35-147, any monies received pursuant to subsection B, paragraph 5 of this section in the fund.