Arizona Revised Statutes Title 48. Special Taxing Districts § 48-3202. Investigations and findings of state certification board upon certifying bonds

A. The state certification board upon the receipt of a certified copy of the resolution provided by § 48-3201 shall without delay make or cause to be made an investigation of the affairs of the district, and make written findings of the result of the investigation.

B. The bonds of the district referred to in the resolution of the board of directors shall be certified by the director of the department of administration in the manner provided by § 48-3204 if the state certification board finds that the irrigation system of the district and the specific project for which the bonds under consideration are desired to be used or have been used, whether the project is constructed, projected or partially completed, are feasible, and that the aggregate amount of the bonds under consideration and any other outstanding bonds of the district, including bonds authorized but not sold, does not exceed sixty per cent of the aggregate market value of the lands embraced within the district, and of the water, water rights, canals, reservoirs, reservoir sites, irrigation works and other works owned or to be acquired or constructed with the proceeds of any of the bonds by the district. The findings shall also include, but not as a prerequisite to certification by the director of the department of administration, a finding as to the ratio which the aggregate market value of the lands within the district and the irrigation system owned or to be acquired by the district wholly or in part with the proceeds of the bonds bears to the entire indebtedness of the district, including the bonds under consideration, and a finding as to the total annual taxes for all purposes for the current year against the lands embraced within the district.

C. The director of the department of administration shall provide for filing and preserving the findings provided by this section, and shall also make, keep and preserve a record of the bonds certified by him in accordance with the provisions of § 48-3204, including the date of certification, the number of each bond, its par value and the date of its issuance and its maturity.