Ariz. Rev. Stat. § 15-1683 – Issuance of bonds

A. The board shall have power, and is hereby authorized from time to time, to issue bonds:
1. 1. To acquire any one project, or more than one, or any combination thereof, for such institution, if both of the following conditions are met:
  1. (a) As of the date of issuance of bonds or certificates of participation for any institution, projected debt service on bonds and certificates of participation then outstanding and proposed to be issued for such institution, as shown in the most recent capital improvement plan reported to the board, may not exceed, in any fiscal year shown in such capital improvement plan, more than eight per cent of such institution's total projected expenditures and mandatory transfers. The calculation of compliance with this condition shall be as set forth in and approved by the board in its adopted capital improvement plan for such institution. Projected debt service in the capital improvement plan for any project financed with commercial paper shall be calculated based on the projected debt service on the permanent financing for the project or, for projects that are not expected to be replaced with permanent financing, the projected debt service shall be calculated based on an assumed financing term of thirty years.
  2. (b) The project to be acquired with the proceeds of the bonds is reviewed by the joint committee on capital review.
2. 2. To refund bonds heretofore and hereafter issued to acquire any project or projects for such institution as hereinafter provided for.
3. 3. To refund any such refunding bonds.
4. 4. For any one, or more than one, or all of such purposes, or any combination thereof.
B. All bonds shall be authorized by resolution of the board and may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times not exceeding the earlier of forty years from the respective dates thereof or the useful life of the capital improvements, may mature in such amount or amounts, may bear interest at such rate or rates as shall be determined by the board, payable at such time or times, may be in such form, either coupon or registered as to principal only or as to both principal and interest, may carry such registration privileges, including the conversion of a fully registered bond to a coupon bond or bonds and the conversion of a coupon bond to a fully registered bond, may be executed in such manner, may be made payable in such medium of payment, at such place or places within or without the state, and may be subject to such terms of redemption prior to their expressed maturity, with or without premium, as such resolution or other resolutions may provide. All bonds issued under this article shall be sold as the board shall determine. Such resolution may provide that one of the officers of the board shall sign such bonds manually and that the other signatures may be printed, lithographed, engraved or otherwise reproduced thereon. The coupon bonds shall be fully negotiable within the meaning of the uniform commercial code, title 47.