Arizona Laws 5-865. Debt service account
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A. If the authority issues bonds under this article the board shall establish a debt service account consisting of monies designated and dedicated by the board for repayment of the bonds and payment of costs and related expenses associated with redeeming the bonds.
Terms Used In Arizona Laws 5-865
- 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
B. Monies in the debt service account may be used only for the purposes authorized by this article.
C. The treasurer or fiscal agent of the authority shall administer and account for the debt service account.