Ariz. Admin. Code § 20-8-201
In addition to the definitions prescribed in A.R.S. § 41-2251, the following definitions apply in this Article:
"A rating" means an applicant has been assigned a credit rating of A1, A2, or A3 by Moody's or A+, A, or A- by Standard & Poor's.
"Access to capital" means an applicant's ability to obtain funding based on the security of the revenues to be pledged, the general financial condition of the applicant and other factors outside of the applicant's control.
"Administrative fee" means any and all costs and expenses associated with processing, preparing or executing a financial assistance application or related bond transaction, including costs and expenses associated with staff, the Board, professional services, service providers, vendors or other entities involved in the transaction.
"Administratively complete" means that an applicant has completed the application for financial assistance and provided all of the information and documents that the staff determines are applicable.
"Applicant" means a political subdivision, special district, or Indian tribe that applies to the Authority for financial assistance.
"Baa rating" means an applicant has been assigned a credit rating of Baa1, Baa2, or Baa3 by Moody's.
"BBB rating" means an applicant has been assigned a credit rating of BBB+, BBB, or BBB- by Standard & Poor's.
"Category I" means a rating indication assigned by Moody's that applies to applicants that have credit ratings determined to fall into category of A3 or higher.
"Category II" means a rating indication assigned by Moody's to applicants that have credit ratings determined to Baa3, Baa2, or Baa1.
"Coverage ratio" means the ratio produced by the fraction in which pledged revenues are the numerator and debt service is the denominator.
"Debt service" means annual principle and interest payments on all loans from the Authority plus any principle and interest payments on other debt secured with an equal pledge on the same revenues pledged to the Authority's loans.
"Dedicated revenue source" means the origin of money committed by an Indian tribe to be used for repayment of a loan.
"Financial assistance round" means a period of time established by the Board during which applications for financial assistance are sent to potential applicants, returned to the Authority, analyzed by Staff, and submitted to the Board for approval or disapproval.
"General obligation" means a pledge by the applicant's voters of the full faith and credit and unlimited taxing ability to secure a loan. The applicant must have the ability to levy and increase property taxes for payment of debt obligations.
"Moody's" means Moody's Investors Service, Inc., its successors and their assigns.
"Project" means the whole, or any distinguishable segment or segments, of publicly owned infrastructure for which financial assistance is being requested or provided.
"Staff" means the Executive Director and other employees of the Water Infrastructure Finance Authority.
"Standard & Poor's" means Standard & Poor's Ratings Service, its successors and their assigns.
Ariz. Admin. Code § R20-8-201