Arizona § 28-7617 Nature of grant anticipation notes; limited obligation

Arizona Statutes

§ 28-7617 — Nature of grant anticipation notes; limited obligation

Arizona § 28-7617

Title 28Arizona Revised Statutes

Ch. 21STATE HIGHWAY FINANCING AND BONDING

Art. 3Grant Anticipation Notes

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Bluebook

Ariz. Rev. Stat. Ann. § 28-7617 (2026).

Text

A.Grant anticipation notes issued under this article are not general obligations of the department, any public officer or employee of the department or this state.

B.The notes are limited obligations payable solely from grant revenues received by the director and, if provided by the board at the time of authorizing the issuance of the grant anticipation notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes.

C.A holder of a grant anticipation note may not compel the payment of grant revenues to the director.

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A. Grant anticipation notes issued under this article are not general obligations of the department, any public officer or employee of the department or this state.

B. The notes are limited obligations payable solely from grant revenues received by the director and, if provided by the board at the time of authorizing the issuance of the grant anticipation notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes.

C. A holder of a grant anticipation note may not compel the payment of grant revenues to the director.