Arizona Laws 28-7692. Transportation project advancement notes; pledge of excise taxes
A. A regional planning agency, metropolitan planning organization or council of governments or a designated grant recipient may enter into a transportation project advance agreement with each other, a political subdivision, the department or a regional public transportation authority established pursuant to section 48-5102. A political subdivision may enter into a transportation project advance agreement pursuant to Section 9-500.17, 11-269.03 or 48-5122. The department may enter into a transportation project advance agreement pursuant to section 28-7677. After entering into a transportation project advance agreement, a political subdivision may issue and sell transportation project advancement notes either competitively or by negotiation.
Terms Used In Arizona Laws 28-7692
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- Excise taxes: means all unrestricted excise, transaction, franchise, privilege and business taxes, state shared transaction privilege and income taxes, fees for licenses and permits and state revenue sharing that are levied and paid by a political subdivision or contributed, levied or paid to the political subdivision and not earmarked by the contributor or the political subdivision for a contrary or inconsistent purpose. See Arizona Laws 28-7691
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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
- 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 agreement: means a written agreement, entered into in accordance with section 28-7677 and Section 9-500. See Arizona Laws 28-7691
- Transportation project advancement notes: means notes authorized by this article. See Arizona Laws 28-7691
B. The principal, premium, if any, and interest on the transportation project advancement notes shall be paid solely from either of the following:
1. Transportation project advance revenues.
2. If provided by the political subdivision at the time of authorizing the issuance of the transportation project advancement notes, other monies lawfully available for application to that purpose, including proceeds from the sale of other obligations of the political subdivision or excise taxes of the political subdivision.
C. A political subdivision may pledge the revenues and monies described in subsection B of this section, including its excise taxes, to the repayment of principal, premium, if any, and interest on transportation project advancement notes.