Arizona Laws 9-522. Power to issue bonds
A. In addition to its other powers, a municipality may:
Terms Used In Arizona Laws 9-522
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Governing body: means the board, commission or other body having charge of the financial affairs of a municipality. See Arizona Laws 9-521
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Municipality: means any incorporated city or town. See Arizona Laws 9-521
- Utility undertaking: means any one or combination of the following:
(a) Electric light or power, water, storm water, sewer, gas, common carrier of passengers, garbage, or rubbish plant or system, including but not limited to disposal, treatment or reduction plants, buildings, incinerators, dams and reservoirs. See Arizona Laws 9-521
1. Subject to the requirements and restrictions of sections 9-515 through 9-518, within or without its corporate limits, construct, improve, reconstruct, extend, operate, maintain and acquire, by gift, purchase or the exercise of the right of eminent domain, a utility undertaking or part thereof, and acquire in like manner land, rights in land or water rights in connection therewith.
2. Issue its bonds to finance the cost thereof.
3. Pledge to the punctual payment of the bonds and interest on such bonds an amount of the revenue of the utility undertaking, including improvements or extensions thereafter constructed or acquired, sufficient to pay the bonds and interest as they become due, and create and maintain reasonable reserves therefor. The amount pledged may consist of all or any part of such revenue.
4. With respect to tax secured bonds, pledge its full faith and credit to the payment of the bonds and interest on such bonds and if such pledge is made shall provide for the levy of a tax for the payment of the bonds pursuant to Title 35, Chapter 3, Article 3.
B. The governing body of the municipality, in determining the cost of the utility undertaking for which bonds are to be issued, may include all costs and estimated costs of issuance of the bonds, all engineering, inspection, fiscal and legal expenses allowed by law and interest which it is estimated will accrue on money borrowed or which will be borrowed during the construction period and for six months thereafter.