2016 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-514 Construction; right to contest; supplemental nature of article

35-514. Construction; right to contest; supplemental nature of article

A. This article is to be construed to be supplemental to and govern over any provision of law which prohibits rebates or other actions authorized in this article. The rebates authorized in this article are deemed to be made for a public purpose and to be made in furtherance of the purposes for which the bonds are issued. No findings of necessity need be made by the governing body of any political subdivision or of any department, agency or instrumentality of this state before exercising, or ordering the exercise of, any power granted hereunder. The preservation of exemptions from federal income tax or interest on bonds is found and determined to be of statewide interest, and this article applies to charter cities as well as all other political subdivisions.

B. Neither this article nor the actions of any department, instrumentality of this state or any political subdivision shall be construed as a waiver of any right to contest the constitutionality of any act or law of the United States which seeks to tax the debts or obligations of this state or any political subdivision or interest income thereon or otherwise impose restrictions of any nature on the issuance of any bonds.

C. All treasurers shall conform investment and accounting practices in accordance with the resolutions, ordinances, indentures or contracts made in accordance with this article.