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.
A. The board of directors of the joint powers airport authority may pass a resolution to issue and sell airport authority revenue bonds.
B. If the revenue bonds are to be sold in a public offering, bonds may not be issued by the airport authority unless the bonds receive one of the four highest investment grade ratings by a nationally recognized bond rating agency.
C. The board of directors of the airport authority may pledge to the payment of its revenue bonds any revenues of the airport authority or revenues to be collected by the members of the airport authority in trust for the airport authority and returned to the airport authority.
D. The airport authority shall prescribe fees and charges and shall revise them as necessary to generate revenue sufficient to pay when due the principal and interest of all revenue bonds for the payment of which revenue has been pledged. The annual operating budget recommended by the airport authority shall identify the establishment or revision of any rates, fees and charges.
E. If in the resolution of the board of directors of the airport authority the revenues to be pledged are limited to certain types of revenues, only those types of revenues may be pledged and only those revenues must be maintained.
F. A holder of the revenue bonds issued under this section shall not compel either:
1. Any exercise of the taxing power of the airport authority, if any.
2. The members of the airport authority to pay the bonds or the interest on the bonds.
G. Revenue bonds issued under this section are not a debt of the airport authority or the members of the airport authority, and the payment of the revenue bonds is not enforceable out of any monies other than the revenue pledged to the payment of the bonds.