Arizona Laws 28-7683. Limitations
A. The aggregate outstanding principal amount of highway project advancement notes issued by a political subdivision and secured by highway project advance revenues shall not be more than the aggregate of all uncollected highway project advance revenues to be received by the political subdivision under highway project advance agreements unless the political subdivision has pledged other monies lawfully available for application to that purpose to cover any amount in excess of the uncollected highway project advance revenues.
Terms Used In Arizona Laws 28-7683
- 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 project: means a highway project that is on the federal aid system, national highway system or state route or state highway system and that is included in the department's state highway construction plan or the transportation improvement plan of a regional association of governments, except that a highway project does not include any local street improvements. See Arizona Laws 28-7681
- Highway project advance revenues: means any revenues a political subdivision receives under a highway project advance agreement, or as proceeds of highway project advancement notes, together with any earnings from the investment of the revenues. See Arizona Laws 28-7681
- Highway project advancement notes: means notes authorized by this article. See Arizona Laws 28-7681
- Political subdivision: means a county, city or town. See Arizona Laws 28-7681
B. Highway project advancement notes shall have terms of fifteen years or less.
C. A political subdivision shall not have outstanding at any one time more than three hundred million dollars aggregate principal amount of highway project advancement notes.