2016 Arizona Revised Statutes
Title 15 - Education
§ 15-2151 Definitions

15-2151. Definitions

In this article, unless the context otherwise requires:

1. " Achievement district school" means a public school or a charter school that has qualified as an achievement district school pursuant to article 10 of this chapter and that has submitted an application with the board pursuant to this article to obtain guaranteed financing.

2. " Board" means the credit enhancement eligibility board established by section 15-2152.

3. " Fund" means the Arizona public school credit enhancement fund established by section 15-2154.

4. " Guaranteed financing" means debt obligations that are issued by or on behalf of a public school or a charter school to acquire, construct, renovate, equip, refinance or improve capital facilities and for which the board has approved a guarantee of all or a portion of the principal and interest payments pursuant to the program.

5. " Program" means the Arizona public school credit enhancement program established by section 15-2155.

6. " Program funding obligations" means program funding obligations approved and issued by the board pursuant to section 15-2157.

7. " Program leverage ratio" means the ratio at any time between the aggregate principal amount of guaranteed financings outstanding and the amounts on deposit in the fund.