A. Any monies, pledges or property issued or given to the Arizona finance authority, whether by appropriation, loan, gift or otherwise, constitute the assets of the Arizona finance authority.

Terms Used In Arizona Laws 41-5355

  • 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
  • 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
  • Bonds: means any bonds issued by the authority or the Arizona industrial development authority. See Arizona Laws 41-5351
  • Contract: A legal written agreement that becomes binding when signed.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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

B. This state is not responsible for any obligation incurred by the authority.

C. All costs and expenses of the Arizona finance authority shall be paid from bond proceeds of bonds issued by any industrial development authority established by the Arizona finance authority or other monies of the Arizona finance authority, and to the extent not prohibited by state or federal law or by contract, the monies of the greater Arizona development authority that are available to pay the Arizona finance authority’s costs and expenses.

D. The authority and its income are exempt from taxation in this state.

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