41-3908 - Arizona Statutes

41-3908. Credit enhancement In addition to the powers granted by this article, the authority may: 1. Enter into covenants and agreements with any federal agency, private agency, corporation or individual to perform all acts that may be necessary, convenient or desirable in order to secure bonds or that, in the judgment of the board, tend to make the bonds more marketable and to perform all acts that are not inconsistent with the constitution of this state and that may be necessary, convenient or desirable for the issuance of bonds and for their security. 2. Provide additional security for the bonds in the form of a line of credit, letter of credit, insurance policy or other security and: (a) Pay the cost of the additional security from amounts produced from the bond issue or from other available sources. (b) Enter into reimbursement obligations in connection with the additional security.