Arizona Laws 28-7697. Nature of transportation project advancement notes; limited obligation
A. Transportation project advancement notes issued pursuant to this article are not general obligations of a political subdivision, any public officer or employee of a political subdivision or this state.
Terms Used In Arizona Laws 28-7697
- Political subdivision: means a county, city, town or special taxing district established pursuant to section 48-5102 to construct or assist in the construction of a transportation project. See Arizona Laws 28-7691
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
- Transportation project: means all or a portion of a project that is included in the state's transportation improvement program or a plan, as defined in section 28-6351, including the project planning, environmental work, design, right-of-way acquisition or construction for the transportation project and associated rolling stock and operating systems. See Arizona Laws 28-7691
- Transportation project advance revenues: means any revenues a political subdivision receives under a transportation project advance agreement, or as proceeds of transportation project advancement notes, together with any earnings from the investment of the revenues. See Arizona Laws 28-7691
- Transportation project advancement notes: means notes authorized by this article. See Arizona Laws 28-7691
B. Transportation project advancement notes are limited obligations of the issuer of the notes and are payable solely from transportation project advance revenues received by the political subdivision and, if provided by the political subdivision at the time of authorizing the issuance of those transportation project advancement notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes.
C. A holder of a transportation project advancement note may not compel the payment of transportation project advance revenues to the political subdivision.