Arizona Laws 9-539. General powers of municipality under article
There is vested in a municipality by this article full power:
Terms Used In Arizona Laws 9-539
- 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. To issue revenue bonds for the purpose of paying the cost of the improvement, reconstruction, extensions and additions to any existing revenue-producing utility of any kind or class at the time owned and operated by the municipality, however acquired.
2. To pledge to the punctual payment of the revenue bonds and interest thereon the revenues of such existing revenue-producing utility, after making reasonable allowance for the cost of maintenance and operation thereof, together with the revenues of such utility undertaking, improvement, reconstruction, extensions and additions thereto for which the revenue bonds are to be issued.
3. To provide in the resolution pertaining to the issuance of revenue bonds for the use and disposition of all revenues pledged therein to the payment of principal and interest of the bonds, including the revenues of the existing revenue-producing utility to the fullest extent provided in the resolution and in addition thereto the revenues of the utility undertaking for which the bonds are to be issued, all on such terms and in such manner as the governing body of the municipality may provide or has in the resolution so provided.