A. If the authority issues bonds under this article, the board shall establish a bond proceeds subaccount within the construction account established by section 5-833 consisting of monies received from the sale of the bonds.

Terms Used In Arizona Laws 5-864

  • 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
  • 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

B. The authority may use monies in the bond proceeds subaccount only for multipurpose facility purposes in the manner prescribed by this chapter.

C. The treasurer or fiscal agent of the authority shall administer and account for the bond proceeds subaccount.

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