Arizona Revised Statutes Title 48. Special Taxing Districts § 48-102. Findings of state certification board

A. If the state certification board finds that the record offered in support of the application submitted sustains the application and that all requirements and conditions precedent have been fulfilled, it shall approve the bond application either in whole or in part, or shall otherwise disapprove the bond issue as a whole or as to the features or proposals that do not meet essential requirements. When the board has made and entered its findings, a decision shall be made accordingly. The rejection of any document or report or the contents of the document or report or the rejection of an entire application shall not preclude filing amended applications, documents, reports, statistics, plans, maps or other records or the subsequent consideration of any amended or altered bond proposal.

B. The decision of the state certification board based on findings of fact supported by a preponderance of the evidence and that are not arbitrary or unreasonable shall be final and conclusive.

C. The state certification board after approval of the application shall not exercise further control of the proceeds of any bond issue but they shall be controlled and administered solely by the applicant as provided in this chapter.