About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


1985 Arizona Attorney General Reports and Opinions 1 (1985)

handle is hein.sag/sagaz0008 and id is 1 raw text is: 1275 WEST WASHINGTON -abert i. i1othin January 4, 1985 Mr. Roy McAuley Assistant Executive Director Arizona Veterans Memorial Coliseum 1826 West McDowell Phoenix, Arizona 85005 Re, 185-001 (R84-177) Dear Mr. McAuley: You have asked whether incorhe received by the Arizona Coliseum and Exposition Center Board (Coliseum) from the concessionaire of alcoholic beveraged may be deposited in the Coliseum's Improvement Revenue Bdnd Special Sinking Fund (Sinking Fund) if, when the income is received, there are no bonds available for purchase. A.R.S. § 4-207.C requires that: All income received by the Arizona coliseum and exposition center board from the alcoholic beverage concessionaire shall be applied toward the reduction of its bonded indebtedness. The bonded indebtedness may be reduced by either redeeming the bonds at full face value plus an early retirement penalty or by purchasing them through the bond market. You advise that, when available, these bonds may be purchased through the bond market for less than seventy percent of face value. Arizona State Fair Commission Resolution No. 102 (Resolution No. 102)-' specifies the characteristics of 1. Resolution No. 102 is a contract between the Coliseum and the purchasers of its improvement revenue bonds, project of 1964. See A.R.S. § 3-1006(A).