5-833. Construction account A. The authority shall maintain a construction account in the general fund consisting of: 1. Monies received by the authority from any source for the purpose of acquiring land for and funding the cost of constructing a multipurpose facility, including financial participation for capital costs of the facility from any private or public source. 2. Proceeds of bonds issued by the authority pursuant to section 5-863, which shall be held in a segregated bond proceeds subaccount in the construction account. B. The authority may spend monies in the construction account for costs of any multipurpose facility purpose, as defined in section 5-861.
‹ Prev All Arizona sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.