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Arizona Arizona Revised Statutes

§ 5-1174 — Deposit and disbursement of monies

ARS § 5-1174Title 5. Amusements and Sports · Ch. 9. SPORTS AUTHORITY DISTRICT · Art. 3. Revenue Bonds

Statute text

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5-1174. Deposit and disbursement of monies (Conditionally Rpld.) 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 authority board designates and that are insured by an agency or instrumentality of the United States. The monies shall be disbursed as the authority board directs and according to the terms of any agreements with the holder or holders of the bonds. B. This section shall not be construed as limiting the power of the authority board to agree in connection with the issuance of 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.

Source: Arizona Arizona Revised Statutes § 5-1174 from the Arizona Revised Statutes (Arizona State Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.