Arizona § 28-7684 Application of revenues; highway project advancement notes fund; payment of notes

Arizona Statutes

§ 28-7684 — Application of revenues; highway project advancement notes fund; payment of notes

Arizona § 28-7684

Title 28Arizona Revised Statutes

Ch. 21STATE HIGHWAY FINANCING AND BONDING

Art. 6Highway Project Advancement Notes

This text of Arizona § 28-7684 (Application of revenues; highway project advancement notes fund; payment of notes) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 28-7684 (2026).

Text

A.After issuance of highway project advancement notes, revenues the political subdivision receives under the applicable highway project advance agreement shall be collected and, as provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, shall be either:

1.Paid into a special fund to be known as the highway project advancement notes fund.

2.Applied to reimburse the political subdivision for monies previously advanced to the department under the highway project advance agreement to which the highway project advancement notes relate.

B.If any highway project advancement notes are outstanding, the political subdivision shall only use the monies paid into the highway project advancement notes fund for those highway project a

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A. After issuance of highway project advancement notes, revenues the political subdivision receives under the applicable highway project advance agreement shall be collected and, as provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, shall be either:

1. Paid into a special fund to be known as the highway project advancement notes fund.

2. Applied to reimburse the political subdivision for monies previously advanced to the department under the highway project advance agreement to which the highway project advancement notes relate.

B. If any highway project advancement notes are outstanding, the political subdivision shall only use the monies paid into the highway project advancement notes fund for those highway project advancement notes to pay principal, interest and premium, if any, on those highway project advancement notes.

C. Notwithstanding any other law, if the highway project advancement notes provide for such payment, this article authorizes the payment from the monies in the highway project advancement notes fund, when due or on redemption in advance of maturity, of all principal, interest and redemption premiums on the notes.