A. A resolution pertaining to issuance of bonds under this article may contain covenants as to:

Terms Used In Arizona Laws 9-531

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Contract: A legal written agreement that becomes binding when signed.
  • Governing body: means the board, commission or other body having charge of the financial affairs of a municipality. See Arizona Laws 9-521
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Municipality: means any incorporated city or town. See Arizona Laws 9-521
  • Trustee: A person or institution holding and administering property in trust.
  • 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. The purpose to which the proceeds of sale of the bonds may be applied and to the use and disposition thereof.

2. The use and disposition of the revenue of the utility undertaking for which the bonds are to be issued.

3. The issuance of other or additional bonds, payable from the revenue of the utility undertaking.

4. The operation and maintenance of the utility undertaking.

5. The insurance to be carried thereon and the use and disposition of insurance monies.

6. Books of account and the inspection and audit thereof.

7. The terms and conditions upon which the holders of the bonds, or any proportion of them or a trustee therefor, shall be entitled to the appointment of a receiver, who may enter and take possession of the utility undertaking, operate and maintain it, prescribe charges and collect, receive and apply all revenue thereafter arising therefrom in the same manner as the municipality itself might do.

B. The provisions of this article and any such resolution shall be deemed a contract with the holders of the bonds, and the duties of the municipality and its governing body and officers under this article and such resolution shall be enforceable by mandamus or other appropriate action in a court of competent jurisdiction.