The board may:

Terms Used In Arizona Laws 41-5354

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means the Arizona finance authority. See Arizona Laws 41-5351
  • Board: means the board of directors of the authority. See Arizona Laws 41-5351
  • Contract: A legal written agreement that becomes binding when signed.
  • Director: means the director of the authority. See Arizona Laws 41-5351
  • Federal agency: means the United States or any agency or agencies of the United States. See Arizona Laws 41-5351
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Office: means the office of economic opportunity. See Arizona Laws 41-5301
  • 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.

1. Adopt an official seal and alter the seal at its pleasure.

2. Apply for, accept and administer grants of monies or materials or property of any kind from a federal agency or others on such terms and conditions as may be imposed.

3. Make and enter into agreements, including intergovernmental agreements pursuant to title 11, chapter 7, article 3, execute all instruments, perform all acts and do all things necessary or convenient to carry out the powers granted.

4. Employ or contract with experts, engineers, architects, attorneys, accountants, construction and financial experts and such other persons as may be necessary in the board’s judgment and fix their compensation.

5. Pay compensation and employee-related expenses.

6. Fix the compensation of the director.

7. Sue and be sued.

8. Acquire and maintain office space, equipment, supplies, services and insurance necessary to administer this article.

9. Contract with, act as guarantor for or coinsure with any federal, state or local governmental agency and other organizations or corporations in connection with its activities under this article and receive monies relating to those contracts and services.

10. Adopt bylaws and administrative rules consistent with this article.

11. Protect and enforce the interests of the authority in any project financed through the authority’s resources.

12. Enter into and inspect any facility financed through the authority’s resources to investigate its physical condition, construction, rehabilitation, operation, management and maintenance and to examine all of the records relating to its capitalization, income and other related matters.

13. Acquire title to real property or other assets by gift, grant or operation of law, or by purchase.

14. Establish advisory boards that have all rights and powers granted by the board, including the right to review, evaluate and recommend to the board for approval proposed financings.