Arizona § 40-1132 - Power to secure bonds; reimbursement for advance
Full text of Arizona Arizona Revised Statutes § 40-1132 — Power to secure bonds; reimbursement for advance, with citation guidance and answers to common questions.
§ 40-1132. Power to secure bonds; reimbursement for advance
A. The board, in connection with the issuance of bonds and in order to secure the payment of the bonds and the interest thereon, shall have power by resolution:
1. To fix and maintain fees and other charges on equipment and facilities of or operated on behalf of the authority.
2. To provide that the bonds issued hereunder may be secured by a first and exclusive lien on the income and revenues derived from, and shall be payable from fees, and other charges on equipment and facilities of or operated on behalf of the authority as provided in paragraph 1.
3. To pledge and assign to or in trust for the benefit of the holder or the holders of bonds any part of the metropolitan public transit authority revenues as will be necessary to pay the principal of and interest on the bonds as the same become due.
4. To covenant with or for the benefit of the holder or holders of bonds issued hereunder, that so long as any of the bonds remain outstanding and unpaid, the board will prescribe fees and other charges on equipment and facilities of or operated on behalf of the authority and will revise the same when necessary so that the project for which the bonds are issued shall be self-supporting.
B. An authority may reimburse the state or a public agency for any advance or contribution from the proceeds of the sale of bonds or any other funds available to the authority as provided for in section 40-1125.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 40-1132
What does Arizona Revised Statutes § 40-1132 cover?
Section 40-1132 ("Power to secure bonds; reimbursement for advance") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 40-1132?
A common citation format is "Arizona Revised Statutes § 40-1132" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 40-1132 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.