Arizona Revised Statutes Title 48. Special Taxing Districts § 48-142. Powers of district

1. To issue its bonds to finance the costs of any undertaking.

2. To pledge to the punctual payment of the bonds and interest thereon an amount of the revenue from the undertaking, including improvements or extensions thereafter constructed or acquired, sufficient to pay the bonds and interest as they become due, and to create and maintain reasonable reserves therefor. The amount pledged may consist of all or any part of such revenue. The board of directors, in determining the cost of the undertaking, may include all costs and estimated costs of the issuance of the bonds, all engineering, inspection, fiscal and legal expenses, and interest which it is estimated will accrue on money borrowed or which will be borrowed during the construction period for six months thereafter.