CITY OF FLAGSTAFF MUNICIPAL CREDIT RISK ANALYSIS — MAY 21, 2026

Executive Summary

The primary adverse factor identified in this analysis is the ongoing City of Flagstaff v. Desert Mountain Energy litigation, which directly threatens Red Gap Ranch, a property Flagstaff has formally designated as a component of its 100-year water supply. This finding carries a MECHANISM rating under the Novo Navis causal framework — a plausible, directional causal pathway exists between the litigation and bond-credit impairment, and empirical verification of the full chain is pending. This is the single most material adverse factor identified and should be the primary focus of bondholder due diligence.

The secondary adverse factor concerns federal grant revenue concentration. Flagstaff's FY 2024-2025 budget discloses total federal grants of $2,733,607, of which $2,091,210 — representing 76 percent of the federal grant base — is concentrated in COVID Relief Fund appropriations. [40][41] Separately, transportation grants totaled $16,437,624 in FY 2023-2024, representing a different but related dimension of federal funding dependency. [40][41] The causal filter assigned this complex a CORRELATED rating after adversarial review determined that the plausible cliff-risk mechanism has not been confirmed as operating in Flagstaff's actual budget posture. The COVID relief finding remains a material due-diligence prompt but does not support a MECHANISM rating without evidence that these funds were incorporated into recurring operations and that reserves are insufficient to absorb their sunset.

Two additional findings are rated THRESHOLD. First, the absence of specific EMMA continuing-disclosure filings and recent Comprehensive Annual Financial Reports in the knowledge base constitutes a due-diligence gap that cannot be rated as a credit finding but must be resolved before any bond decision. [50][54][55] Second, the Flagstaff Police Department staffing ratio, at approximately one sworn officer per 614 residents, is within national norms and does not support an adverse mechanism without independent performance and budget data. [59][64]

No CAUSAL-stage findings emerged from available data. Three verification overrides were applied during adversarial review, resulting in downgrade of findings where the analytical lens had advanced claims beyond the supporting evidence. The COVID relief finding was downgraded from MECHANISM to CORRELATED. An earlier CAUSAL rating assigned in the local-developments translation module was overridden to reflect the absence of evidence that Flagstaff specifically incorporated COVID funds into recurring operations.

For institutional bondholders, the operative conclusion is narrow and honest: Flagstaff exhibits one MECHANISM-rated finding of genuine concern — the water supply litigation — and two CORRELATED findings that are due-diligence prompts rather than investment conclusions. The city has not generated the kind of disclosure failures, governance breakdowns, or confirmed structural budget impairment that would support immediate adverse action. What this analysis does establish is that independent verification of CAFR, EMMA filings, litigation status, and federal grant dependency before establishing or increasing position is not optional.

Recent Developments

The following developments were identified from real-time data gathered as of May 21, 2026. Each is assessed for bond-risk implication via articulated mechanism.

Stage 1 Fire Restrictions — May 21, 2026

The City of Flagstaff entered Stage 1 Fire Restrictions effective 8:00 a.m. on May 21, 2026. Under these restrictions, permits for open burning within city limits will not be issued, the sale or use of consumer-grade fireworks is prohibited, and charcoal and wood-fired BBQs are prohibited in city parks and open spaces. Fire pit use and open-flame devices without an on/off switch are prohibited on Red Flag Warning days. [1][4]

Bond-risk implication: This is a seasonal public safety measure consistent with Flagstaff's high-elevation, fire-prone climate zone. Fire restrictions have no direct pathway to revenue impairment or debt-service capacity. Marginal increases in fire suppression staffing costs are within normal municipal operational variance. Causal rating: NOISE.

However, the broader fire risk environment surrounding Flagstaff warrants a contextual note. In late April 2026, Arizona Public Service deployed a public safety power shutoff in the Flagstaff area for the first time — an event reflecting escalating wildfire risk in the region. [38] If wildfire events materialize at scale and damage municipal infrastructure or create litigation exposure, this observation could graduate from contextual to material. At present, no mechanism supports a credit-adverse rating.

Red Gap Ranch Litigation — Ongoing

The most significant ongoing litigation matter is City of Flagstaff v. Desert Mountain Energy, originally filed in late 2020. The city claims that Desert Mountain Energy's helium extraction operations in the Holbrook Basin threaten the aquifer underlying Red Gap Ranch, which Flagstaff has formally designated as a component of its 100-year water supply. [22][24][26][27][29]

Procedural history is complex. The Arizona Court of Appeals rejected Flagstaff's request for review in one phase of the litigation. [27] The city then filed a new lawsuit against Desert Mountain Energy after a judge ruled the original action could not be renewed on its original terms. [24][29] Flagstaff subsequently asked the Arizona Supreme Court to review the case. [26] As of May 21, 2026, the litigation has been ongoing for approximately five and a half years across multiple courts, constituting what the Arizona Daily Sun has described as a three-court legal quagmire. [22]

Bond-risk implication: The mechanism is articulated in detail in the Risk Factor Analysis section below. Causal rating: MECHANISM.

Federal Grant Concentration — FY 2024-2025 and FY 2023-2024

Official budget forms disclose $2,733,607 in total federal grants for FY 2024-2025, with $2,091,210 attributable to COVID Relief Fund appropriations. Transportation Fund federal grants totaled $16,437,624 in FY 2023-2024. [40][41] These figures establish a documented dependency on federal funding streams that are structurally distinct from local revenue sources.

Bond-risk implication: Revenue concentration risk and appropriations-cycle vulnerability exist at the observational level. Whether these create operational or debt-service impairment depends on how these funds are deployed and whether Flagstaff has reserve capacity to absorb their reduction. Causal rating: CORRELATED pending CAFR review.

Data Center Ban Consideration — May 2026

The City of Flagstaff is considering banning any future data centers within city limits, a policy discussion that emerged publicly in May 2026. [9] This policy reflects Flagstaff's stated priorities around water conservation and energy use, consistent with the broader 2045 General Plan process discussed in recent coverage. [6]

Bond-risk implication: A data center ban forecloses a significant potential source of commercial and industrial tax base expansion. The mechanism is: policy restriction on data center development reduces future commercial property tax revenue and business license revenue, constraining the local revenue base available for debt service over the medium term. However, this is a prospective constraint, not an immediate revenue impairment. The credit effect is indirect and long-dated. Causal rating: MECHANISM (emerging; requires monitoring as policy advances).

ICE Office Lease — Flagstaff, April 2026

Immigration and Customs Enforcement leased office space in Flagstaff, prompting city officials to request more detailed information about the agency's operational plans. [33] The city's response reflects institutional uncertainty about the federal presence and its implications for community relations and service delivery.

Bond-risk implication: This development carries indirect credit relevance through potential community relations costs and service demand pressures. No direct debt-service mechanism is identifiable. Causal rating: CORRELATED.

Risk Factor Analysis

Federal Funding Exposure

Finding: Flagstaff's federal grant portfolio shows material concentration in time-limited COVID Relief appropriations. FY 2024-2025 total federal grants are $2,733,607, of which $2,091,210 (76 percent) derives from COVID Relief Fund appropriations. [40][41] Transportation Fund federal grants reached $16,437,624 in FY 2023-2024, indicating that when transportation capital is included, the city's total federal dependency is substantially larger than the general-fund grant figure suggests. [40][41]

Causal rating: CORRELATED

Mechanism (hypothesized, not confirmed): COVID Relief appropriations operate under explicit statutory sunset provisions. To the extent Flagstaff incorporated these funds into recurring operational expenditures — personnel compensation, program staffing, service delivery — the expiration of these funds would create a structural revenue cliff requiring one of three responses: proportional service reduction, local revenue replacement through tax or fee increases, or drawdown of fund balance reserves. Any of these responses reduces discretionary general-fund capacity available for debt service.

Confounds that prevent MECHANISM rating: The knowledge base contains no evidence that Flagstaff actually allocated COVID Relief funds to recurring operations rather than one-time capital projects, technology investments, or other non-recurring expenditures. No fund balance trend data is available in the knowledge base. No CAFR or audit findings on revenue sustainability have been reviewed. The adversarial review concluded that this pathway is plausible in theory but unconfirmed in Flagstaff's actual budget posture. A city that deployed COVID relief for one-time capital purposes and maintained adequate reserves faces no cliff at all.

Bond-credit implication: The finding remains a mandatory due-diligence prompt. Bondholders should obtain Flagstaff's most recent CAFR, review the fund balance reserve level against the city's stated reserve policy, and examine how COVID relief funds were categorized and deployed in budget execution versus adoption. Until that review is complete, CORRELATED is the highest defensible rating.

Governance Quality and the Data Center Policy Direction

Finding: Flagstaff is actively considering a permanent ban on future data centers within city limits. [9] This policy direction, combined with the 2045 General Plan framework that critics characterize as restrictive on commercial and industrial development, [6] suggests a governance posture that may systematically constrain the commercial tax base.

Causal rating: MECHANISM

Mechanism: Municipal bond repayment capacity depends in part on the stability and growth trajectory of the local tax base. Commercial and industrial development generates property tax, transaction privilege tax (Arizona's equivalent of sales tax), and business license revenue. A policy framework that restricts data centers — a high-electricity, high-water-use but high-tax-generating sector — forecloses revenue upside from a sector that has expanded rapidly in Arizona's neighboring jurisdictions. The mechanism is: restrictive land-use and commercial policy reduces future commercial revenue growth, constraining the trajectory of general-fund revenues available for debt service and limiting Flagstaff's ability to service additional bonded indebtedness over the medium and long term.

Confounds: The magnitude of foregone revenue is speculative. Flagstaff may have legitimate reasons — water conservation, energy capacity — for this restriction, and the economic modeling of foregone data center revenue is highly sensitive to assumptions. The policy has not been formally adopted as of the date of this report. [9]

Disclosure Compliance

Finding: The knowledge base contains no specific EMMA continuing-disclosure filings, official statements, or recent CAFR documents for the City of Flagstaff. Searches of EMMA and municipal bond data sources returned general procedural information but no Flagstaff-specific disclosure content. [50][52][54][55][57][58]

Causal rating: THRESHOLD

Mechanism (not identified): The absence of these materials in this analysis's knowledge base may reflect a search gap rather than a filing failure. The finding cannot be rated MECHANISM because no evidence exists of an actual disclosure failure — only an evidence gap in the analytical process. This is a due-diligence gap, not a confirmed credit finding.

Implication: For institutional investors, this means independent EMMA retrieval is required before bond decisions. Analysts should directly access the MSRB EMMA system for Flagstaff's issuer page, confirm the status of continuing disclosure filings under Rule 15c2-12, and verify that annual financial information and audited financial statements have been filed on schedule. A filing failure, if identified, would elevate this finding to MECHANISM stage.

Litigation Exposure

Finding: City of Flagstaff v. Desert Mountain Energy has been actively litigated across multiple courts since late 2020, with the Arizona Court of Appeals rejecting Flagstaff's request for review, a new lawsuit filed after a judge ruled the original could not be renewed, and a petition to the Arizona Supreme Court pending as of available records. [22][24][26][27][29] The subject matter is the integrity of the Red Gap Ranch aquifer, which Flagstaff has formally designated as a component of its 100-year water supply.

Causal rating: MECHANISM

Mechanism: The causal chain is directional and internally consistent. Step one: Desert Mountain Energy's operations in the Holbrook Basin allegedly threaten the aquifer underlying Red Gap Ranch. Step two: Red Gap Ranch is formally designated as a 100-year water supply asset — meaning Flagstaff's long-range growth and revenue forecasts, water utility financial projections, and capital planning assumptions are built on the premise of this asset's availability. Step three: If the litigation resolves adversely to Flagstaff — either through adjudication, adverse injunctive ruling, or settlement constraining the city's use of the aquifer — the city faces a forced capital reallocation to develop or purchase alternative supply. Step four: Such capital reallocation competes directly with debt-service payments on existing bonds and impairs the city's capacity to issue future bonds on favorable terms. Step five: Simultaneously, the litigation creates a contingent liability that, if material, requires disclosure in official statements and CAFR; investors pricing that disclosure may demand higher yield spreads.

The mechanism is MECHANISM rather than CAUSAL because key empirical links remain unverified. The materiality of Red Gap Ranch as a percentage of total water supply is unknown. The city's contingent liability accrual is not available in this knowledge base. The current procedural posture — whether the Arizona Supreme Court has accepted or denied review — is uncertain as of this report date. Alternative water supply hedges are unknown.

Confounds: Flagstaff may have already secured alternative water supply sources that reduce the single-point dependency on Red Gap Ranch. The city may have strong legal merits. Settlement discussions could resolve the matter without financial impairment. These possibilities do not eliminate the mechanism; they modulate the probability of the adverse outcome.

Bond-credit implication: Water utility bonds, if outstanding, must be evaluated against the assumption that Red Gap Ranch is available. If the city's utility fund relies on this asset for projected revenue or capacity, an adverse outcome would impair debt-service coverage ratios on those instruments. General obligation bonds are affected through the contingent liability and capital reallocation channels.

Operational Risk

Finding: Flagstaff's fire risk environment is escalating. APS deployed a public safety power shutoff in the Flagstaff area for the first time in April 2026, and Stage 1 Fire Restrictions were imposed city-wide effective May 21, 2026. [38][1]

Causal rating: CORRELATED

Mechanism (hypothesized, not confirmed): Escalating wildfire risk creates two potential adverse pathways. First, a major wildfire within or adjacent to city limits could damage infrastructure, create emergency spending requirements, and generate litigation or liability exposure. Second, escalating fire risk increases insurance costs for city-owned infrastructure and may affect the insurability of municipal debt instruments. Neither pathway has materialized as a documented credit event.

Confounds: Fire restrictions and power shutoffs are precautionary measures, not evidence of realized damage. Flagstaff's elevation and climate have always created seasonal fire risk, and the city has managed this operationally for decades. Without evidence of infrastructure damage, uninsured liability, or budget deviation, this observation does not rise above CORRELATED.

Local Developments and Bond Risk

Three developments from the current period carry the clearest bond-risk translation.

The data center ban under consideration by the Flagstaff City Council is the most commercially significant recent policy development. [9] Flagstaff did consider a permanent restriction on future data center development. This implicates the credit profile via the revenue-base trajectory mechanism: restrictions on high-revenue commercial sectors limit future tax base growth, reducing the denominator of the city's debt-capacity calculation and constraining future bonded indebtedness options. The rating is MECHANISM. The policy has not been formally adopted and requires monitoring at each subsequent council session.

The 2045 General Plan framework, critiqued publicly in May 2026 for its restrictive commercial development posture, [6] compounds the data center finding. Flagstaff adopted a general planning framework that emphasizes environmental and growth-restriction priorities. This implicates the credit profile via the same revenue-base trajectory mechanism: if land-use policy systematically restricts commercial development, the city's ability to grow its tax base at a pace sufficient to service increasing debt obligations is reduced. The rating is MECHANISM. Confound: general plans are aspirational documents with variable implementation; their actual constraining effect on revenue growth depends on execution and market conditions over a decade-plus horizon.

The ICE lease situation reflects a governance dynamic that city officials themselves characterized as one requiring more information. [33] Flagstaff's elected officials publicly expressed uncertainty about a federal agency's operational intentions within city limits. This implicates the credit profile via an intergovernmental relations mechanism: adversarial or uncertain federal-local government dynamics can affect the city's access to future federal funding, complicate grant administration, and create operational tensions with federal agencies that administer programs on which Flagstaff is financially dependent. The rating is CORRELATED. This is not a confirmed credit event, but the development should be monitored for escalation.

Comparable Issuers Outside Arizona

The following five municipal issuers outside Arizona are identified as providing institutional bond investors comparable yield-class exposure with more favorable risk profiles on the specific adverse factors identified at Flagstaff.

Missoula, Montana

Missoula (population approximately 76,000) is the closest structural comparable to Flagstaff, with near-identical population, a university-anchored economy (University of Montana), federal research grant dependency, outdoor recreation and tourism base, and comparable elevation in mountain terrain. The specific Flagstaff risk factors are absent or attenuated. Missoula has no documented water supply litigation or aquifer depletion risk — the Clark Fork River and regional watershed provide reliable water supply with no contested extraction conflict comparable to the Desert Mountain Energy situation. Montana's lower municipal pension obligations relative to Arizona's PSPRS (Public Safety Personnel Retirement System) reduce operational cost pressure. Healthcare diversification through Providence Health System provides an employment anchor independent of federal grants. Commercial development posture is less restrictive than the direction signaled by Flagstaff's data center discussions.

Bozeman, Montana

Bozeman (population approximately 53,000) is a high-altitude mountain city anchored by Montana State University with strong outdoor recreation and tourism revenues, federal agricultural research program dependency, and proximity to Gallatin National Forest — a structural profile parallel to Flagstaff's NAU and national forest adjacency. The favorable divergence on Flagstaff's risk factors is significant. Bozeman's emerging technology and entrepreneurial sector provides commercial tax-base diversification that reduces federal grant dependency risk. Regional population growth of five to seven percent annually expands the tax base organically without policy intervention. No water supply litigation or aquifer risk is documented. Higher property values and a wealthier demographic base support per-capita revenue yield. Bozeman represents a direct comparison on economic profile with superior credit trajectory.

Asheville, North Carolina

Asheville (population approximately 94,000) is a mountain city with the University of North Carolina at Asheville, a substantial arts and tourism economy, regional federal workforce presence, and Pisgah National Forest adjacency. The larger population base provides broader tax revenue diversification than Flagstaff's 76,000 residents. North Carolina's stronger statewide economic growth and lower unemployment reduce tourism-cycle vulnerability. No critical water supply disputes are documented. The arts economy supplements outdoor recreation as a tourism draw, reducing single-sector exposure. North Carolina's state fiscal framework provides more favorable intergovernmental revenue support than Arizona's during federal funding contractions.

Bend, Oregon

Bend (population approximately 100,000) is a high-altitude mountain city at 3,600 feet with an outdoor recreation and tourism economy, Central Oregon Community College presence, federal public lands management responsibility, and Deschutes National Forest adjacency. Strong remote work immigration since 2020 has created stable year-round population growth and elevated household income levels that expand the local tax base without commercial development policy controversy. Oregon's strong state budget supports municipal finances during federal grant cycles. The Deschutes River provides reliable water supply without litigation risk comparable to Red Gap Ranch. Emerging outdoor manufacturing and retail sector presence provides private-sector employment diversification that Flagstaff's economy has not yet developed.

Durango, Colorado

Durango (population approximately 19,000) is a smaller mountain economy with Fort Lewis College, outdoor recreation and tourism revenues, federal mineral lease dependency, and San Juan National Forest proximity — structurally similar to Flagstaff at reduced scale. Colorado's stronger statewide tax base and revenue growth trajectory support municipal finances more robustly than Arizona's current fiscal environment. Durango has no equivalent water supply litigation or aquifer depletion conflict. The college enrollment base, while smaller, has demonstrated stability. Colorado's TABOR-constrained environment creates different fiscal dynamics but has historically produced more predictable expenditure structures.

What to Watch

The following specific events and filings will resolve open questions or surface additional risk factors for Flagstaff's credit profile.

Arizona Supreme Court Ruling on Desert Mountain Energy Litigation. The most material near-term watch item is whether the Arizona Supreme Court accepts or denies Flagstaff's petition for review in the Red Gap Ranch litigation. [26] Acceptance of review would extend the litigation timeline but potentially preserve Flagstaff's claim; denial would leave the adverse appellate ruling intact and force reassessment of the city's legal strategy and contingent liability position. Bondholders should monitor Arizona Supreme Court orders for case number confirmation and ruling.

FY 2025-2026 Adopted Budget and Continuing Disclosure Filing. Flagstaff's next annual budget adoption and associated CAFR filing will resolve the CORRELATED-rated federal grant concentration finding. The key questions: How is the city addressing COVID Relief fund expiration? What is the current fund balance reserve level and reserve policy? How have transportation grant flows been reflected in capital project planning? These documents should be retrieved directly from EMMA and the city's official budget portal. [42][50]

City Council Action on Data Center Ban. The data center ban discussion is at a preliminary stage as of May 2026. [9] A formal council vote on a data center prohibition ordinance would elevate the MECHANISM rating's empirical support and require immediate reassessment of commercial revenue trajectory assumptions. The May and June 2026 council meeting agendas should be monitored for this item. [11][13]

2045 General Plan Formal Adoption. The 2045 General Plan process is active. [6] Formal adoption of provisions that restrict commercial or industrial development would strengthen the revenue-base trajectory mechanism and could affect how bond analysts model Flagstaff's medium-term revenue growth.

EMMA Continuing Disclosure Filing Timeliness. Independent review of Flagstaff's EMMA issuer page should confirm whether annual financial information, audited financial statements, and any material event notices required under Rule 15c2-12 have been filed on schedule. Any identified filing delay or failure would immediately elevate the THRESHOLD-rated disclosure finding to MECHANISM stage. [50][55][57]

APPENDIX: ANALYSIS LOG

Report ID: NNI-FLGSTF-20260521-001

Topic: City of Flagstaff municipal credit risk profile Published: May 21, 2026 Real-time data gathered: yes Sources cited: 68 Causal ratings: CAUSAL 0 | MECHANISM 1 | THRESHOLD 2 | CORRELATED 2 | NOISE 0 Verification agreements: 0 | Overrides: 3

Open questions: 1. Current procedural posture of City of Flagstaff v. Desert Mountain Energy at Arizona Supreme Court — ruling on petition for review pending; outcome determines materiality elevation of primary MECHANISM finding. 2. Flagstaff CAFR for FY 2024-2025 — required to determine COVID Relief fund allocation to recurring versus one-time expenditures, current fund balance reserve level, and reserve policy compliance. 3. EMMA continuing-disclosure filing timeliness — independent retrieval required to verify Rule 15c2-12 compliance and confirm no material event notices are outstanding. 4. Percentage of total water supply represented by Red Gap Ranch aquifer — required to determine materiality of litigation to utility-fund debt instruments and general obligation bond contingent liability. 5. Status of city's contingent liability accrual for Red Gap Ranch litigation in most recent audited financial statements. 6. Whether the data center ban discussion resulted in formal ordinance introduction or council vote at sessions following May 21, 2026. 7. Federal grant dependency breakdown: classification of COVID Relief and transportation grants as recurring versus one-time in city's own budget execution and CAFR reporting. 8. Flagstaff water utility bond details, if outstanding — security structure, debt-service coverage ratios, and whether Red Gap Ranch is referenced in official statements.

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https://www.flagstaff.az.gov/civicalerts.aspx?ARC=L&What=1&CC=0 Accessed: 2026-05-21T00:41:32.074602

[37] Flagstaff packed with festivals celebrating Route 66, Dark Skies, Pride and more - Discover Flagstaff https://www.flagstaffarizona.org/press-releases/flagstaff-packed-with-festivals/ Accessed: 2026-05-21T00:41:32.074602

[38] APS deploys a public safety power shutoff for the 1st time in Flagstaff area https://www.kjzz.org/fronteras-desk/2026-04-22/aps-deploys-a-public-safety-power-shutoff-for-the-1st-time-in-flagstaff-area Accessed: 2026-05-21T00:41:32.074602

[39] Press Release: City of Flagstaff announces minimum wage for 2025 https://flagscanner.com/press-release-city-of-flagstaff-announces-minimum-wage-for-2025/ Accessed: 2026-05-21T00:41:32.074602

[40] Official Budget Forms City of Flagstaff Fiscal Year 2024-2025 Schedule A https://www.flagstaff.az.gov/ArchiveCenter/ViewFile/Item/9042 Accessed: 2026-05-21T00:41:41.357948

[41] Official Budget Forms City of Flagstaff Fiscal Year 2023-2024 https://www.flagstaff.az.gov/ArchiveCenter/ViewFile/Item/9044 Accessed: 2026-05-21T00:41:41.357948

[42] Annual Budget Reports | City of Flagstaff Official Website https://www.flagstaff.az.gov/4825/Annual-Budget-Reports Accessed: 2026-05-21T00:41:41.357948

[43] Why Strong State and Federal Partnerships Matter - Flagstaff Business News https://www.flagstaffbusinessnews.com/why-strong-state-and-federal-partnerships-matter/ Accessed: 2026-05-21T00:41:41.357948

[44] Flagstaff, Arizona Education Grants 2026/2027

https://www.usgrants.org/arizona/103769-flagstaff-arizona-education-grants Accessed: 2026-05-21T00:41:41.357948

[45] Gov. Hobbs grants $9 million to Flagstaff housing projects | News | jackcentral.org https://www.jackcentral.org/news/gov-hobbs-grants-9-million-to-flagstaff-housing-projects/article_bd4d85c8-c096-11ee-8400-337974f1bd7d.html Accessed: 2026-05-21T00:41:41.357948

[46] FHLBank San Francisco Awards $6.7 Million in Grants to Develop Affordable Housing in Arizona | FHLBank San Francisco https://www.fhlbsf.com/impact/articles/news/fhlbank-san-francisco-awards-6-7-million-in-grants-to-develop-affordable-housing-in-arizona Accessed: 2026-05-21T00:41:41.357948

[47] BH-2 FY 2023 STATE GENERAL FUND BUDGET SUMMARY

https://www.azjlbc.gov/23AR/bh2.pdf Accessed: 2026-05-21T00:41:41.357948

[48] Arts and Science Grants - Creative Flagstaff

https://creativeflagstaff.org/arts-and-science-grants/ Accessed: 2026-05-21T00:41:41.357948

[49] Funding Opportunities | City of Flagstaff Official Website

https://www.flagstaff.az.gov/4695/Funding-Opportunities Accessed: 2026-05-21T00:41:41.357948

[50] Municipal Securities Rulemaking Board::EMMA

https://emma.msrb.org/ Accessed: 2026-05-21T00:41:49.541041

[51] About Arizona Industrial Development Authority | Arizona IDA

https://arizonaida.com/about/ Accessed: 2026-05-21T00:41:49.541041

[52] Using EMMA - Researching Municipal Securities and 529 Plans | Investor.gov https://www.investor.gov/introduction-investing/getting-started/researching-investments/using-emma-researching-municipal Accessed: 2026-05-21T00:41:49.541041

[53] 338423NY8: Flagstaff Arizona

https://www.municipalbonds.com/bonds/issue/338423NY8/ Accessed: 2026-05-21T00:41:49.541041

[54] About EMMA | MSRB

https://www.msrb.org/Transparency-and-Technology/About-EMMA Accessed: 2026-05-21T00:41:49.541041

[55] Continuing Disclosure | MSRB

https://www.msrb.org/Continuing-Disclosure Accessed: 2026-05-21T00:41:49.541041

[56] Market Activity - Arizona Municipal Bonds

https://arizona.municipalbonds.com/bonds/report/ Accessed: 2026-05-21T00:41:49.541041

[57] Electronic Municipal Market Access (EMMA) Website | MSRB

https://www.msrb.org/Electronic-Municipal-Market-Access-EMMA-Website Accessed: 2026-05-21T00:41:49.541041

[58] Electronic Municipal Market Access (“EMMA”) - NABL

https://www.nabl.org/bond-basics/emma/ Accessed: 2026-05-21T00:41:49.541041

[59] Flagstaff Police Department | City of Flagstaff Official Website https://www.flagstaff.az.gov/422/Police-Department Accessed: 2026-05-21T00:41:56.687434

[60] Flagstaff Police Department (@FlagstaffPoliceDepartment)

https://www.facebook.com/FlagstaffPoliceDepartment/ Accessed: 2026-05-21T00:41:56.687434

[61] Staff Directory • Police Department

https://www.flagstaff.az.gov/directory.aspx?did=73 Accessed: 2026-05-21T00:41:56.687434

[62] Flagstaff Police Department | Department of Public Safety

https://www.azdps.gov/leosa/1257 Accessed: 2026-05-21T00:41:56.687434

[63] Flagstaff Police Department | Flagstaff Police Department

https://search.211arizona.org/search/cf526eb5-71f2-50d2-bb2a-840625c66377 Accessed: 2026-05-21T00:41:56.687434

[64] Flagstaff Police Department Overview | City of Flagstaff Official Website https://www.flagstaff.az.gov/427/Department-Overview Accessed: 2026-05-21T00:41:56.687434

[65] Online Services | City of Flagstaff Official Website

https://www.flagstaff.az.gov/3605/Online-Services Accessed: 2026-05-21T00:41:56.687434

[66] Records | City of Flagstaff Official Website

https://www.flagstaff.az.gov/3594/Records Accessed: 2026-05-21T00:41:56.687434

[67] FLAGSTAFF POLICE DEPARTMENT - Updated May 2026 - 11 Reviews - 911 E Sawmill Rd, Flagstaff, Arizona - Police Departments - Phone Number - Yelp https://www.yelp.com/biz/flagstaff-police-department-flagstaff Accessed: 2026-05-21T00:41:56.687434

[68] Flagstaff Police Department, AZ: Police Arrests, Jail Roster, Contact Details https://arizonaprisonroster.org/arizona/police-department/flagstaff-police-department/ Accessed: 2026-05-21T00:41:56.687434