48-3712 - Arizona Statutes

48-3712. Powers and duties of the board A. The board shall: 1. Manage and conduct the affairs and business of the district. 2. Make and execute all necessary contracts and other instruments which shall be signed by the president or, in the president's absence, by another member of the board designated for that purpose, and attested by the secretary. 3. Establish bylaws and rules for the governing of the board and for the functions of the district. 4. Perform all acts necessary to carry out the purposes of this chapter. 5. Except as provided in subsection C of this section and in sections 48-3713.03, 48-3715.01, 48-3715.03, 48-3715.05, 48-3772 and 48-3773, require that all funds received on behalf of the district shall be deposited, pursuant to sections 35-146 and 35-147, in a special fund established by the state to be expended at the direction of the board to effectuate the provisions and purposes of this chapter. On notice from the board, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. 6. Adopt an ordinance or ordinances to establish a revenue bonding program that pledges to bond repayment any monies received or to be received by the district from any source except ad valorem tax revenues. 7. Employ such agents, engineers, attorneys and employees not readily available from existing state agencies. B. The board may: 1. Accept grants, gifts or donations of money or other property from any source which may be expended for any purpose consistent with the provisions of this chapter. 2. Establish a revolving fund for the purpose of defraying the costs and expenses of the district.