A. The board is a body corporate and politic and may have an official seal that is judicially noticed.

Terms Used In Arizona Laws 41-5853

  • Achievement district school: means a public school or a charter school that has qualified as an achievement district school pursuant to article 10 of this chapter and that has submitted an application with the board pursuant to this article to obtain guaranteed financing. See Arizona Laws 41-5851
  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Board: means the credit enhancement eligibility board established by section 41-5852. See Arizona Laws 41-5851
  • Contract: A legal written agreement that becomes binding when signed.
  • Division: means the division of school facilities within the department of administration. See Arizona Laws 41-5701
  • Fund: means the Arizona public school credit enhancement fund established by section 41-5854. See Arizona Laws 41-5851
  • Guaranteed financing: means debt obligations that are issued by or on behalf of a public school or a charter school to acquire, construct, renovate, equip, refinance or improve capital facilities and for which the board has approved a guarantee of all or a portion of the principal and interest payments pursuant to the program. See Arizona Laws 41-5851
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • 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.
  • Program: means the Arizona public school credit enhancement program established by section 41-5855. See Arizona Laws 41-5851
  • Program funding obligations: means program funding obligations approved and issued by the board pursuant to section 41-5857. See Arizona Laws 41-5851

B. The board may:

1. Sue and be sued in its own name.

2. Contract and enter into agreements as necessary to carry out its responsibilities under this article.

3. Contract with experts, advisers, consultants and agents, including financial experts, legal counsel and other advisers and consultants as may be necessary for services to assist the board.

4. Make and execute contracts and other instruments necessary or convenient for the performance of its duties and the exercise of its power and functions.

5. Pursuant to section 41-5855, approve financing for an achievement district school as guaranteed financing under the program.

6. Do all acts, whether or not expressly authorized, that may be deemed necessary or proper for the protection of the monies in the Arizona public school credit enhancement fund, except that the board may not take any action that would create a general or moral obligation of this state or any agency of the state.

7. Contract with any entity relating to guaranteed financings.

8. Issue program funding obligations pursuant to section 41-5857.

9. Adopt rules governing the operation of the program.

10. Take any other action that is necessary or appropriate to carry out this article.

C. The division shall provide staff as requested by the board to support the activities of the board.

  Previous section
Next section  
 Article 11 Contents