The district may make any covenant, order any rebate, file any tax return, report any information and order the limitation on the yield of any investment made with the proceeds from the sale of its bonds or with taxes, revenues or other income pledged, held in trust or otherwise used to pay principal, interest and premium, if any, on its bonds in consideration for retaining the exclusion from gross income for federal income tax purposes of the interest income on any bond.

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Terms Used In Arizona Laws 48-1821

  • revenues: means all income and profits received by a district from all sales of electrical power and energy to its customers, all investment income received on that income and profits and on revenue bond proceeds but does not include any income or monies derived from taxes or assessments authorized by this chapter or the proceeds or investment income of any bonds issued as prescribed by article 4 of this chapter. See Arizona Laws 48-1811