2005 Arizona Revised Statutes - Revised Statutes §28-7758  Termination of certificate; asset dedication

A. Within ninety days after the completion and closing of the original permanent financing, the operator shall provide full details of the financing, including the terms of all bonds, to the board and shall certify the date on which all debt will be retired. The board may require the operator to provide copies of any relevant documents and shall review the financing and determine the date on which all bonds or other debt constituting the original permanent financing will be retired. After establishing this date, the board shall enter an order terminating the operator's authority on a date prescribed in the written agreement with the operator.

B. At the request of the operator or the department or on the board's own initiative, the board may revise its order to modify the date for termination of the certificate of authority to account for any refinancing of the original permanent financing if the refinancing or modification is in the public interest or any refinancing for the purpose of expansion or early retirement of the debt.

C. When the authority terminates, the authority and duties of the operator under this article cease, and the roadway assets and improvements of the operator shall be dedicated to the department for highway purposes.