Upon the issuance of any grant anticipation notes, all grant revenues received by the issuer pursuant to the applicable grant agreement shall be collected and paid into a special fund to be known as the grant anticipation note principal and interest redemption fund until such time as monies in the fund are sufficient to pay all principal and interest on the notes when due, or redeemed prior to maturity. All monies in the special fund shall be used to pay principal and interest on the grant anticipation notes and shall be used for no other purpose so long as the notes are outstanding. Any law to the contrary notwithstanding, this article shall be full authority for the payment when due, or for redemption in advance of maturity, if the notes so provide, of all principal and interest and redemption premiums on the notes from the monies in the special fund.

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Terms Used In Arizona Laws 35-466.04

  • 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 anticipation notes: means notes authorized by this article and also notes to refund grant anticipation notes. 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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