Current through L. 2024, ch. 259
Section 5-1172 - Investment of monies in the debt service accountA. The authority board may authorize the authority's fiscal agent to invest and reinvest any monies in the debt service account as provided by section 5-1173.B. The order directing an investment shall state a date on which the monies and other resources in the debt service account will be needed for use, and the fiscal agent shall make the investment in such a way as to mature on or before the specified date.C. All monies earned as interest or otherwise derived from the investment of the monies in the debt service account shall be credited as described in the authorizing resolution.If a majority of the qualified electors voting on the issue in the first election held pursuant to section 5-1103, Arizona Revised Statutes, as added by this act, reject the levy of taxes and issuance of bonds for the purposes of establishing a sports authority district, title 5, chapter 9, Arizona Revised Statutes, as added by this act, is repealed.