Arizona Laws 28-7684. Application of revenues; highway project advancement notes fund; payment of notes
A. After issuance of highway project advancement notes, revenues the political subdivision receives under the applicable highway project advance agreement shall be collected and, as provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, shall be either:
Terms Used In Arizona Laws 28-7684
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- 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 agreement: means a written agreement entered into in accordance with section 28-7677 and either Section 9-500. 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
1. Paid into a special fund to be known as the highway project advancement notes fund.
2. Applied to reimburse the political subdivision for monies previously advanced to the department under the highway project advance agreement to which the highway project advancement notes relate.
B. If any highway project advancement notes are outstanding, the political subdivision shall only use the monies paid into the highway project advancement notes fund for those highway project advancement notes to pay principal, interest and premium, if any, on those highway project advancement notes.
C. Notwithstanding any other law, if the highway project advancement notes provide for such payment, this article authorizes the payment from the monies in the highway project advancement notes fund, when due or on redemption in advance of maturity, of all principal, interest and redemption premiums on the notes.