A.R.S. § 48-172: Power to contract with federal government; purposes of contract

A. If any district desires to secure loans, grants or advances of money from the federal government for the purpose of acquiring or constructing works or properties or of making or procuring extensions, improvements, reconstruction or repairs of or to any of their works or properties, or for refunding, refinancing, paying or reducing all or any part of their existing indebtedness, or for any one or more of such purposes, the district may enter into contracts or agreements with the federal government. The contract shall contain agreements whereby the federal government will do any or all of the following:

1. Make loans, grants or advances to or for the benefit of the district.

2. Purchase bonds to be issued by the district pursuant to the provisions of the contract or agreement.

3. Purchase bonds theretofore issued by the district either from the holders thereof or from bondholders' committees or other agents or representatives of the holders.

B. The contracts or agreements may contain such terms, conditions, covenants and restrictions for the security of the federal government, or any subsequent holder of the bonds, or for any other purpose as may be agreed upon between the respective districts and the federal government.