Arizona Revised Statutes Title 41. State Government § 41-823. Purposes of society; housing of society collection; financial provisions

A. The society shall procure, by gift, exchange or purchase:

B. The collections and materials shall be housed suitably for protection, preservation and availability, properly catalogued and kept accessible to the public during reasonable hours on business days and the society may charge a fee for these services.

C. For the purpose of effectuating the functions prescribed in subsections A and B of this section, the society may borrow money with which to erect or procure needed buildings and equipment, but authorization to borrow money shall not exceed in the aggregate the sum of seventy-five thousand dollars for the purpose of erecting and procuring needed buildings and equipment. The society may issue negotiable promissory notes and necessary renewal notes as evidence of the money so borrowed. The notes shall be authorized by resolution of the board of directors of the society, may mature at such times not exceeding three years from the respective dates thereof, may bear interest at not to exceed five per cent per annum, payable semiannually, and may be payable at such times and in such partial sums as the resolution provides.

D. Money borrowed under the provisions of this section shall be deposited, pursuant to §§ 35-146 and 35-147, in the Arizona historical society building fund and disbursed in satisfaction of approved claims arising under the contract or contracts for construction and equipment of the building.

E. Notes issued pursuant to this section shall be payable only in accordance with the terms thereof and shall not be obligations, general, special or otherwise, of the state. The notes shall not constitute a debt, legal or moral, of the state and shall not be enforceable against the state.