The amount of such notes secured by grant revenues issued by the issuer shall not exceed the aggregate of all uncollected grant revenues to be received by the governing body under the terms of the applicable grant agreement or agreements.

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Terms Used In Arizona Laws 35-466.03

  • Governing body: means the body constituted by law to be the governing board of the issuer. See Arizona Laws 35-466
  • Grant agreement: means any written agreement entered into with the issuer and the United States of America or any of its departments or agencies by which the issuer will receive a grant or subvention for which the funds to be advanced have been appropriated to the department or agency making the grant and by which the issuer incurs no monetary liability to repay the grant or subvention except for the obligation to construct a project or projects. See Arizona Laws 35-466
  • Grant revenues: means any revenues the issuer will receive under a grant agreement, proceeds of grant anticipation notes and income and gain from investment of such revenues and proceeds. See Arizona Laws 35-466
  • Issuer: means any city, charter city, town, county, sanitary district, electrical district, irrigation district, hospital district, improvement district or any other similar municipal corporation. See Arizona Laws 35-466
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