Arizona § 5-1474 Deposit and disbursement of monies

Arizona Statutes

§ 5-1474 — Deposit and disbursement of monies

Arizona·Title 5 Arizona Revised Statutes·Ch. 12 SOUTHERN ARIZONA SPORTS, TOURISM AND FILM AUTHORITY·Art. 3 Revenue Bonds

A.Monies derived from selling bonds under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds shall be deposited by the authority's fiscal agent in financial institutions that the board designates and that are insured by an agency or instrumentality of the United States. The monies shall be disbursed as the board directs and according to the terms of any agreements with the holder or holders of the bonds.

B.This section does not limit the power of the board to agree in connection with issuing any of its bonds as to the custody and disposition of the monies received from selling bonds or from the income and revenues pledged or assigned to or in trust for the benefit of the holder or holders of the bonds.

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A. Monies derived from selling bonds under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds shall be deposited by the authority's fiscal agent in financial institutions that the board designates and that are insured by an agency or instrumentality of the United States. The monies shall be disbursed as the board directs and according to the terms of any agreements with the holder or holders of the bonds.

B. This section does not limit the power of the board to agree in connection with issuing any of its bonds as to the custody and disposition of the monies received from selling bonds or from the income and revenues pledged or assigned to or in trust for the benefit of the holder or holders of the bonds.

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