Arizona Laws 28-7685. Use of proceeds
A political subdivision shall use the proceeds from the sale of highway project advancement notes for payment of any of the following:
Terms Used In Arizona Laws 28-7685
- 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. Advances to the department under the highway project advance agreement to which the highway project advancement notes relate.
2. Legal and financial costs and expenses incurred in issuing and administering the notes.
3. Reimbursement of the political subdivision for monies previously advanced to the department under the highway project advance agreement to which the highway project advancement notes relate.
4. If authorized by the political subdivision, payment of interest that accrues on the notes before maturity.
5. Payment of the principal, premium or interest on other obligations of the political subdivision to the extent that proceeds of those obligations were or are applied to the financing of the highway project to which the highway project advance agreement relates.