Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1812. Revenue bonds

A. The district may borrow money and issue its revenue bonds for any lawful district purpose. The board of directors shall determine the maximum amount of bonds, the maximum rate of interest and the time of payment of the bonds or any series of bonds. An election or referendum is not required for the issuance of bonds under this article.

B. The principal, interest and premiums, if any, on those bonds are payable solely from revenues of the district that may be pledged by the district including monies received from the sale of services or from contracts of any kind. The district shall not issue a revenue bond for which taxes or assessments are levied on property located in the district and payment for a revenue bond is not enforceable out of any monies other than the revenues pledged to the payment of the bond.

C. Bonds may bear interest at rates that may fluctuate below a maximum interest rate established by the board of directors. The board of directors may designate a remarketing agent to set and reset those interest rates in accordance with an authorizing resolution or trust indenture adopted or entered into by the district. The district may contract for and purchase credit enhancement in the form of letters of credit, surety bonds, bond insurance policies, bond purchase agreements and other contractual arrangements that provide credit for the bonds, liquidity to the bondholders or credit facilities obtained in lieu of reserves.

D. Subject to the limitations of this article, the district may do all things, enter into all contracts and dispose of bond proceeds in the manner deemed necessary by its board of directors to accomplish the purpose for which the bonds are issued and to secure payment of the principal and interest on the bonds.