An Act Establishing a State Water and Power Plan

Document: An Act, draft 2/7/67 (photocopy), page 1515. empowered to enter into contracts with the Commission or the Authority as provided in section 9 of this chapter for the sale or delivery of water or sale or transmission of power, on such terms and conditions as shall be determined by the parties, and to carry out their obligations thereunder. Such municipalities, districts and other public bodies, the officials thereof, and all state agencies and officials, may do such acts and make such additional agreements not inconsistent with law as may be necessary or desirable in connection with the construction, operation, maintenance and financing of any project or projects included in the state water and power plan. Sec. 12. STATE WATER AND POWER DEVELOPMENT FUND There is hereby created in the treasury of the state a state water and power development fund. The resolution or trust indenture of the Authority securing the bonds or notes shall fix the amount and the provisions of the application of a bond reserve to be held by the State Treasurer in such development fund. The net revenues from the projects included in the state water and power plan will be promptly paid to the State Treasurer for deposit in said fund in accordance with the agreement between the Commission and the Authority referred to in section 9 of this chapter. Amounts in said development fund in excess of the bond reserve therein shall be paid by the State Treasurer in such manner and at such times as shall be specified in the bond resolution or trust indenture securing such bonds or notes to the trustee appointed by the Authority thereunder. The bond reserve in such development fund shall be applied by the State Treasurer as provided in such resolution or trust indenture. Sec. 13. AGREEMENT OF STATE The State of Arizona does pledge to and agree with (a) the holders of the bonds and notes that the State will not limit or alter the rights hereby vested in the Commission and the Authority, includingEpson Perfection 4870 Photo, 400 dpi, 8 bit, 1,226,582 byte