Arizona Revised Statutes Title 28. Transportation § 28-368. Property acquisition; definition

A. The director may acquire in the name of this state by gift, grant, purchase, lease-purchase, condemnation or any other lawful manner real property or buildings that are necessary, useful or convenient for the use of the department. The director shall not acquire land or buildings by purchase or condemnation without prior approval of the joint committee on capital review established by § 41-1251 and without an appropriation of monies by the legislature for the acquisition.

B. The director may enter into certificate of participation financing arrangements to provide financing or refinancing for real property or buildings that are necessary, useful or convenient for the use of the department.

C. A lease-purchase agreement relating to land or buildings under this section shall provide that:

D. The attorney general shall review the agreement for compliance with the constitution and laws of this state. If in the attorney general's opinion the agreement is in compliance, the attorney general shall append the attorney general's certification to the agreement and return it to the department. On request by the director, the attorney general may give other opinions relating to the agreement.

E. The joint committee on capital review shall review and approve a lease-purchase agreement under this section before the agreement takes effect.

F. The department may covenant to use its best efforts to budget, obtain, allocate and maintain sufficient appropriated monies to make payments under a lease-purchase agreement. The agreement shall acknowledge that appropriating state monies is a legislative act and is beyond the control of the department or of any other party to the agreement.

G. For the purposes of this section, “certificate of participation financing” means an installment purchase or lease-purchase agreement that is subject to appropriations and that is structured to allow investors to receive a portion of the principal and interest payments made by the department as required by the agreement.