The Arizona IDA was created pursuant to A.R.S. §35-701 – 733 (the “IDA statute”). 

• • The Arizona IDA itself has no taxing power and does not have the power to pledge the general credit or taxing powers of the State of Arizona.
  • The Arizona IDA does not pledge general credit for the repayment on any Arizona IDA conduit revenue bonds. Repayment on the Arizona IDA issued bonds comes solely from the collateral and pledged revenue of each bond issuance.
  • The Arizona IDA is a “conduit issuer” and is empowered to issue its bonds to provide funds for the financing or refinancing of the costs of the acquisition, construction, improvement, equipping or operating of a “project,” as defined in the IDA statute.
  • Except for certain housing bond issues, pursuant to the IDA statute, the Arizona IDA can issue its bonds for any eligible project within or without the State of Arizona. 

1. Applicant submits the completed online application.
2. The application is reviewed by Arizona IDA.  When necessary additional information maybe be requested.
3. The non-refundable application fee is due within 24 hours of the application submission.
4. Applicant works with Bond Counsel and Underwriter (or Purchaser) to establish parameters for Bonds and structure terms.
5. Application is considered for initial approval by the Arizona IDA Board of Directors at a regularly scheduled Board meeting, together with a preliminary (or inducement) resolution.
   • • Representatives of the Applicant should attend any Arizona IDA Board Meetings at which the Application is to be considered.   A brief oral presentation of the proposed Project, related financing or questions may be required of the Board of Directors.
6. If necessary,
   • • request for volume cap allocation is submitted to the Arizona Finance Authority.
     • if required by Internal Revenue Code, A TEFRA Hearing is held.
     • an application is made to the Arizona Department of Housing for LIHTIC.
7. Bond documents are prepared and forwarded to Arizona IDA counsel for review.  Submission must occur at a minimum of twelve (12) days prior to the scheduled Board Meeting in which the application is to be heard.  Final Bond resolution authorizing the issuance of bonds and stating terms are drawn up by Arizona IDA counsel and included on the agenda of the next regularly scheduled Board Meeting.
8. Application is considered for final approval by the Arizona IDA Board of Directors at a regularly scheduled Board meeting.
   • • Upon approval, the Board of Directors authorizes the issuance of the bonds by the Arizona Industrial Development Authority.
     • Representatives of the Applicant should attend any Arizona IDA Board Meetings at which the Application is to be considered.   A brief oral presentation of the proposed Project, related financing or questions may be required of the Board of Directors.
9. Bonds are sold by the Underwriter (or purchased by the Purchaser).
10. Transaction closes, bonds are issued, and all fees are paid.

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