Arizona Laws 48-5162. Bond authority
Subject to this article the board may:
Terms Used In Arizona Laws 48-5162
- Any public transportation purpose: includes any one or more of the following purposes:
(a) The payment of public transportation obligations. See Arizona Laws 48-5161
- Board: means the board of directors of a regional public transportation authority. See Arizona Laws 48-5101
- Bonds: means bonds of the authority issued pursuant to this article. See Arizona Laws 48-5161
- Public transportation: means local transportation of passengers by means of a public conveyance. See Arizona Laws 48-5101
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
1. Issue negotiable bonds in a principal amount that, in the opinion of the board, is necessary to provide sufficient monies for any public transportation purpose that is included in the regional public transportation system plan, to establish reserves to secure the bonds and to provide for the payment of all other expenditures of the board incidental, necessary and convenient to carry out these purposes.
2. Issue refunding bonds if the board deems refunding expedient.
3. Refund any bonds issued by the board if the bonds are secured from the same source of revenues as the bonds authorized in this article by the issuance of new bonds, whether or not the bonds to be refunded have matured.
4. Issue bonds partly to refund bonds then outstanding and partly for any public transportation purpose consistent with this article. Regardless of whether or not the bonds are of such form or character as to be negotiable instruments under the terms of the uniform commercial code, the bonds are fully negotiable within the meaning and for all purposes of the uniform commercial code.