2005 Arizona Revised Statutes - Revised Statutes §30-222  Prerequisites to issuance; requisition to state certification board

A. No revenue bonds shall be issued until provision is made by power purchase contracts in accordance with the provisions of this chapter adequate in the judgment of the authority to insure all necessary fiscal reserves, operation costs, maintenance and depreciation charges and payment of principal and interest of any bonds relating to any proposed project or facility involved and within the time fixed. Revenue bonds shall not be issued except upon requisition by the authority and approval by the state certification board, and no agreement, proposal or arrangement relating to or concerning the handling, sale, control or disposition of authority bonds, or relating to employment, or payment of fees of bond brokers or dealers, attorneys, engineers or accountants relating to or concerning the bond issue shall be of any force or effect unless and until approved by the state certification board.

B. Requisitions for approval of a bond issue or issues shall state the amount of the proposed issue or issues, the proposed interest rate and types and terms of bonds, that all other methods of necessary financing by the authority have been found impractical, inadvisable or inadequate and that the issuance of the bonds is necessary and advisable as proposed.

C. Requisitions shall be signed by the authority chairman and secretary and in support of the requisition the authority shall file, in such form, manner and content as the state certification board may by rule or regulation prescribe, pertinent engineering, economic and financial data, appropriate maps, drawings, plans, outlines, calculations, summaries, related agreements and any other essential information constituting a record appropriate to the requisition.