Arizona Revised Statutes Title 9. Cities and Towns § 9-522. Power to issue bonds

1. Subject to the requirements and restrictions of §§ 9-515 through 9-518, within or without its corporate limits, construct, improve, reconstruct, extend, operate, maintain and acquire, by gift, purchase or the exercise of the right of eminent domain, a utility undertaking or part thereof, and acquire in like manner land, rights in land or water rights in connection therewith.

2. Issue its bonds to finance the cost thereof.

3. Pledge to the punctual payment of the bonds and interest on such bonds an amount of the revenue of the utility undertaking, including improvements or extensions thereafter constructed or acquired, sufficient to pay the bonds and interest as they become due, and create and maintain reasonable reserves therefor. The amount pledged may consist of all or any part of such revenue.

4. With respect to tax secured bonds, pledge its full faith and credit to the payment of the bonds and interest on such bonds and if such pledge is made shall provide for the levy of a tax for the payment of the bonds pursuant to title 35, chapter 3, article 3.  1