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.
A. The board of directors of the district issuing the bonds shall prescribe charges and revise them whenever necessary so that any undertaking for which the bonds were issued shall always remain self-supporting with revenue sufficient:
1. To pay when due all bonds and interest thereon, for the payment of which the revenue has been pledged, encumbered or charged.
2. To provide for all expenses of operation, maintenance, expansion and replacement of facilities.
3. To provide reasonable reserves for such purposes.
B. Until the payment of all bonds on an undertaking issued under this article, neither the receipts nor expenditures in connection with the operation of the undertaking shall be included in any budget of the district, and the actual expenditures from the funds, other than for bond interest and redemption, shall be deemed to have been included in and to have constituted a part of the budget adopted by the district for the fiscal year in which the bonds were so paid.