48-5162 - Arizona Statutes

48-5162. Bond authority Subject to this article the board may: 1. Issue negotiable bonds in a principal amount that, in the opinion of the board, is necessary to provide sufficient monies for any public transportation purpose that is included in the regional public transportation system plan, to establish reserves to secure the bonds and to provide for the payment of all other expenditures of the board incidental, necessary and convenient to carry out these purposes. 2. Issue refunding bonds if the board deems refunding expedient. 3. Refund any bonds issued by the board if the bonds are secured from the same source of revenues as the bonds authorized in this article by the issuance of new bonds, whether or not the bonds to be refunded have matured. 4. Issue bonds partly to refund bonds then outstanding and partly for any public transportation purpose consistent with this article. Regardless of whether or not the bonds are of such form or character as to be negotiable instruments under the terms of the uniform commercial code, the bonds are fully negotiable within the meaning and for all purposes of the uniform commercial code.