Arizona § 48-3252 - Expenses of committee; payment

§ 48-3252. Expenses of committee; payment

A. The actual and necessary expenses of the bondholders' committee incurred in the performance of the duties imposed by this article or by the bondholders' agreement shall be paid as other operating expenses of the district. The total amount of such expenses shall not exceed one thousand dollars in a district having a total of ten thousand acres or less, or fifteen hundred dollars if more than ten thousand but less than twenty thousand acres, nor shall it exceed twenty cents per acre in a district having an acreage between twenty thousand and thirty thousand acres, fifteen cents if between thirty thousand and forty thousand acres, or ten cents if in excess of forty thousand acres.

B. If the district does not have funds available to meet such expenses currently and as needed, the board of directors may from time to time borrow upon its warrants or promissory notes, the amount required to meet such expenses, bearing interest at a rate of not to exceed eight per cent per annum.

C. The board of directors may include in the next annual estimate of expenditures the necessary amounts for the payment and satisfaction of the loan, warrants or promissory notes, together with the interest accrued and the interest estimated to accrue to the time of payment.