48-3215 - Arizona Statutes

48-3215. Revenue bonds A. To undertake, carry out and accomplish any of the purposes and powers of the district authorized or permitted by law, the district may borrow money and issue its negotiable bonds therefor. No bonds may be issued unless authorized by a resolution of the board of directors adopted by an affirmative vote of a majority of its members, which shall set forth a brief description of the undertaking to be accomplished, the estimated cost thereof and the amount, maximum rate of interest and time of payment of the bonds. Written notice of any meeting of the board for the purpose of taking action under this section shall be sent to all members thereof by certified mail at least ten days before the date of the meeting. B. The principal of and interest on such bonds and premiums, if any, shall be payable solely from the revenue of the district, or any part thereof, or all or any part of the revenue from the undertaking, as shall be pledged thereto in the authorizing resolution, which may include, if the resolution so provides, revenue derived by reason of future improvements, enlargements, extensions or repairs thereto, or revenues from the operation of all or part of the district or undertaking. No bond or coupon may be issued pursuant to this article for which taxes or assessments on or against the lands included in the district may be levied, nor may payment thereof be enforceable out of any funds other than the revenue pledged to the payment thereof. Notwithstanding any other provision of law, bonds issued under this article are not a lien on the real property in the district, and neither such bonds nor the interest thereon may be payable from the levy of taxes on the real property in the district. No referendum or election is required for the issuance of bonds authorized in this article.