Arizona Revised Statutes Title 48. Special Taxing Districts § 48-5932. Revenue bonds; authorization

A. At any time after the district board has adopted a resolution of project intent, the district board shall hold a hearing on the question of authorizing the district board to issue revenue bonds of the district to provide monies for any water related facilities purposes consistent with the general plan.

B. If revenue bonds are approved by resolution, the district board may issue and sell revenue bonds of the district.

C. Bonds shall not be issued by the district unless the bonds receive one of the four highest investment grade ratings by a nationally recognized bond rating agency or the district obtains credit enhancements that cause the rating on the bonds to increase to one of the four highest investment grade ratings.

D. The district shall prescribe fees and charges and shall revise them when necessary to generate revenue that is sufficient with any monies from any other sources of the district to pay when due the principal and interest of all revenue bonds for payment of which the revenue has been pledged.

E. If in the resolution of the district board the revenues to be pledged were limited to certain types of revenues, only those types of revenues may be pledged and only those revenues are required to be maintained.

F. The district may issue and sell refunding bonds to refund any revenue bonds of the district.

G. A holder of revenue bonds issued under this article shall not compel any exercise of the taxing power of any other district, municipality or county to pay the bonds or the interest on the bonds. Revenue bonds that are issued under this article are not a debt of any other district, municipality, private water company or county, nor is the payment of revenue bonds enforceable out of any monies other than the revenue pledged to the payment of the bonds.