The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
35-751 - Earnings of the corporation and exemption from restrictions
35-751. Earnings of the corporation and exemption from restrictions
A. The corporation shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation.
B. A project shall be exempt from any requirement of competitive bidding or other restrictions imposed on the procedure for the financing of public improvements or the award of contracts for the construction of public improvements and shall also be exempt from any restrictions imposed on municipalities, counties or political subdivisions relating to the leasing, sale or other disposition of property or funds.
C. At the end of each fiscal year, the Arizona industrial development authority shall:
1. Transfer all unencumbered monies in excess of the authority's operating costs generated after August 6, 2016 from single family mortgage programs that were in existence before August 6, 2016 to the housing trust fund established by section 41-3955.
2. After the transfer is made pursuant to paragraph 1 of this subsection, transfer all unencumbered monies in excess of the authority's operating costs to the economic development fund established by section 41-5302.