Arizona Revised Statutes Title 30. Power § 30-102. Arizona power authority; powers and jurisdiction

A. The Arizona power authority shall perform the duties and exercise the privileges provided by this chapter.

B. The authority is a body corporate and politic and shall have an official seal which shall be judicially noticed. The principal office of the authority shall be in Phoenix. The authority may sue and be sued in its official corporate name, make contracts, hold, use, handle, enjoy, lease, sell, pledge or otherwise dispose of any and all real and personal property, and shall have all the rights appertaining or belonging to general bodies corporate except as limited, modified or otherwise provided by this chapter.

C. All electric energy or power coming under authority jurisdiction and all property acquired by it shall be public property, and as such shall have the tax exemptions, rights and privileges granted to operating units.

D. If the authority ceases to exist, all its assets remaining after its obligations and liabilities have been satisfied or discharged shall be ceded and surrendered to the state.