Arizona Revised Statutes Title 35. Public Finances § 35-773. State program; representative; plan approval; bond rating

A. All industrial development authorities are authorized to exercise powers and issue revenue bonds to finance student loans in accordance with this chapter so that the state's student loan program is available for eligible students at educational institutions as a student loan program of general application in this state and approved by this state.

B. The state program representative shall approve or disapprove a plan submitted under § 35-772, with or without a hearing, not later than thirty days after receipt of the plan and shall promptly notify the corporation that submitted the plan of the approval or disapproval. If the state program representative does not notify the corporation that submitted the plan of the approval or disapproval within forty-five days after receiving the plan, the plan is deemed approved. Approval of a plan constitutes a finding by the state program representative that:

C. If the bonds are rated in the “A” category or better, without regard to modifiers within the “A” category, by a nationally recognized bond rating agency, that rating is conclusive proof that adequate provision for payment has been made pursuant to subsection B, paragraph 2 of this section.