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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).

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