2016 Arizona Revised Statutes
Title 41 - State Government
§ 41-3901 Definitions

41-3901. Definitions

(Rpld. 1/1/17)

In this article, unless the context otherwise requires:

1. " Agreement" means any loan or other agreement, contract, note, mortgage, deed of trust, trust indenture, lease, sublease or other such instrument entered into by the authority.

2. " Authority" means the Arizona housing finance authority.

3. " Board" means the board of directors of the authority.

4. " Bonds" means any bonds issued pursuant to this article.

5. " Certificates" means mortgage credit certificates.

6. " Costs" :

(a) Means all costs incurred in the issuance of bonds or certificates, including insurance policy, credit enhancement, legal, accounting, consulting, printing, advertising and travel expenses, plus any authority administrative fees.

(b) May include interest on bonds issued pursuant to this article for a reasonable time before and during the time the proceeds are used.

7. " Federal agency" means the United States or any agency or agencies of the United States.

8. " Housing facility" :

(a) Means any work or undertaking that is designed and financed pursuant to this article for the primary purpose of providing decent, safe and sanitary dwelling accommodations.

(b) Includes any buildings, land, equipment, facilities or other real or personal property the board finds necessary to ensure required occupancy.

9. " Trustee" means any bank or trust company with authority to exercise trust powers in this state.