A. The authority may issue negotiable bonds pursuant to this article in such principal amount as, in the opinion of the board, is necessary to:

Terms Used In Arizona Laws 5-862

  • Authority: means the tourism and sports authority. See Arizona Laws 5-801
  • Board: means the board of directors of the authority. See Arizona Laws 5-801
  • Bond related expenses: means any expenses incurred by the authority to issue and administer its bonds including underwriting fees and costs, trustee fees, financial consultant fees, printing and advertising costs, paying agent fees, transfer agent fees, legal, accounting, feasibility consultant and other professional fees and expenses, credit enhancement fees, attorney and accounting fees and expenses related to credit enhancement, bond insurance or liquidity enhancement, remarketing fees, rating agency fees and costs, travel and telephone expenses and all other fees considered necessary by the authority in order to market and administer the bonds. See Arizona Laws 5-861
  • Bonds: means the bonds of the authority issued pursuant to this article. See Arizona Laws 5-861
  • Multipurpose facility: means any facility that is suitable to be used to accommodate professional football franchises, major college football bowl sponsors, other sporting events and entertainment, cultural, civic, meeting, trade show or convention events or activities and may include a stadium, on-site infrastructure, parking garages and lots and related commercial uses within the facility. See Arizona Laws 5-801
  • Multipurpose facility purpose: includes the following purposes:

    (a) Acquiring, designing, developing, constructing, reconstructing, equipping, repairing, maintaining, operating and improving a multipurpose facility and improvements. See Arizona Laws 5-861

1. Provide sufficient monies for any multipurpose facility purpose.

2. Pay necessary bond related expenses.

3. Establish and fully or partially fund any reserves or sinking accounts established by the bond resolution.

4. Issue refunding bonds if the board considers refunding to be expedient. The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.

5. Refund any bonds issued by the authority if the bonds are secured from the same source of revenues as the bonds authorized in this article by issuing new bonds, whether the bonds to be refunded have or have not matured.

6. Issue bonds partly to refund outstanding bonds and partly for any multipurpose facility purpose consistent with this article.

B. The board shall authorize the bonds by resolution. The resolution shall prescribe:

1. The authority’s revenue sources that are pledged and dedicated to secure the bonds.

2. The rate or rates of interest, which may be fixed or variable, the date or dates on which interest is payable and the denominations of the bonds.

3. The date or dates of the bonds and maturity.

4. The manner of executing the bonds.

5. The medium and place of payment.

6. The terms of redemption, which may provide for a premium for early redemption.

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