The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
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.
28-8423 - Airport land lease; nonprofit corporation
28-8423. Airport land lease; nonprofit corporation
A. If the department, in the operation and maintenance of the Grand Canyon national park airport, or if a city, town or county has leased or leases land owned by it to a nonprofit corporation for airport or air terminal purposes pursuant to a lease agreement that provides that title to all buildings, structures and additions made or added to the leased premises by the nonprofit corporation vests in the state, city, town or county in the manner and subject to the restrictions contained in the agreement, the agreement as it exists or as it may be amended, renewed or extended is binding and effective pursuant to its terms.
B. An amendment, renewal or extension to the agreement is binding and effective if the agreement complies with section 28-8425, subsection A, paragraph 1 whether or not:
1. It resulted or results in a renewal or extension of the original term in excess of twenty-five years.
2. Any bidding, notice or other requirements of section 28-8425 have or have not been met.
C. If a lease between the department and a nonprofit corporation for the operation and maintenance of the Grand Canyon national park airport is terminated, the department may spend any airport revenues, including both those unexpended and unencumbered revenues returned by the lessee and those revenues received after the termination of the lease for the operation of the airport, until the airport is leased to another nonprofit corporation or for the remainder of the then current budget cycle, whichever occurs first.