A. The treasurer of the county issuing bonds secured by bridge construction revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds bridge construction revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay principal and interest on the bonds.

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Terms Used In Arizona Laws 28-7656

  • Bridge construction revenues: means monies received pursuant to section 42-5032, subsection A and deposited in the bridge construction interest fund or redemption fund under section 28-7656, subsection A. See Arizona Laws 28-7651
  • highway: means the entire width between the boundary lines of every way if a part of the way is open to the use of the public for purposes of vehicular travel. See Arizona Laws 28-101
  • Highway improvement revenues: means monies received pursuant to section 42-5032, subsection B and deposited in the highway improvement interest fund or redemption fund under section 28-7656, subsection B. See Arizona Laws 28-7651

B. The treasurer of the county issuing bonds secured by highway improvement revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds highway improvement revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay the principal and interest on the bonds.

C. The funds under subsections A and B shall be established and maintained separately and used exclusively for the respective purposes for which they are established.

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