41-5355. Assets; cost of operation and administration; taxation
A. Any monies, pledges or property issued or given to the Arizona finance authority, whether by appropriation, loan, gift or otherwise, constitute the assets of the Arizona finance authority.
B. This state is not responsible for any obligation incurred by the authority.
C. All costs and expenses of the authority shall be paid from bond proceeds of bonds issued by any industrial development authority established by the Arizona finance authority or other monies of the authority, and to the extent not prohibited by state or federal law or by contract, the monies of the greater Arizona development authority and the water infrastructure finance authority of Arizona that are available to pay the Arizona finance authority's costs and expenses.
D. The authority and its income are exempt from taxation in this state.
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