48-6606 - Arizona Statutes

48-6606. Performance audit; termination of district; delayed repeal (Conditionally Rpld. Delayed Rpld.) A. The auditor general shall conduct a performance audit, as defined in section 41-1278, of the district and its operations. The auditor general must conduct and complete and submit the audit to the board and to the joint legislative audit committee four hundred twenty months after the date of the initial issue of bonds authorized by section 48-6673. The auditor general shall provide copies of the audit to the secretary of state, the Arizona state library, archives and public records and the director of the legislative council. B. Sixty months after the date the performance audit is delivered to the joint legislative audit committee under subsection A of this section: 1. The district terminates for all purposes. Before the termination, the board of directors shall: (a) Wind up and liquidate the business and affairs of the district. (b) Sell all district property and other assets to the highest and best bidder or bidders at public auction. The proceeds of the auction shall be used to retire all outstanding district obligations, and any remaining proceeds shall be transferred to the state treasurer for credit to the state general fund. 2. This chapter is repealed. The board of directors shall notify the director of the legislative council of the date of the repeal.