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.
DISCLAIMER
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.
17-288 - Distributions from the conservation development fund
17-288. Distributions from the conservation development fund
A. Not later than the first day of each month, the fiscal agent shall distribute from the conservation development fund to the appropriate bond payment funds and accounts such monies as are necessary to pay when due the principal of, interest on and any premium on all outstanding bonds. The time, method, amounts, priority and appropriate fund of these distributions shall be as provided in the resolution authorizing the issuance of the bonds and the agreement with the bondholders.
B. If the monies in all the funds and accounts are sufficient to pay when due all principal coming due on outstanding bonds during the ensuing twelve months and all other amounts coming due on outstanding bonds during the ensuing six months, the fiscal agent shall distribute any excess monies in the conservation development fund to the capital improvement fund.