Terms Used In Arizona Laws 5-1171
- Authority: means a sports authority established pursuant to this chapter. See Arizona Laws 5-1101
- Authority board: means the governing board of the sports authority. See Arizona Laws 5-1101
- Bond: means any obligation authorized and issued pursuant to this article, including:
(a) Bonds and notes. See Arizona Laws 5-1161
A. The authority board may authorize the authority’s fiscal agent to invest monies in the bond proceeds account in the manner prescribed by section 5-1173.
B. The order directing an investment shall state a date on which the proceeds from the sale of the bonds will be needed for use, and the fiscal agent shall make the investment in such a way as to mature on or before the specified date.
C. All monies earned as interest or otherwise derived from the investment of the monies in the bond proceeds account shall be credited as described in the authorizing resolution.