41-3905 - Arizona Statutes

41-3905. Costs of operation and administration of authority; taxation A. The state is not responsible for any obligation incurred by the authority. B. All costs and expenses of the authority shall be paid from bond proceeds or other monies of the authority. C. The authority and its income and all bonds issued by it and the income from the bonds are exempt from taxation in this state. The board may waive exemption from federal income tax of interest on the authority's bonds under the internal revenue code.