11-269.03. Acceleration agreements; loan repayment agreements

404 words·~2 min read·/az/title-11/11-269-03

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A county may enter into agreements with the department of transportation for the acceleration of right-of-way acquisition, design or construction of an eligible highway project or an eligible transit capital project as defined in section 28-7671 and may advance monies to the department of transportation pursuant to those agreements. Any political subdivision may pledge excise taxes to the repayment of all or any part of the principal, premium, if any, and interest on any borrowing to fund the advance.

B. A county may assign the right to receive payment under the agreement entered into pursuant to subsection A of this section to a trustee.

C. A county may pledge its excise taxes to the repayment of all or any part of the principal, premium, if any, and interest on any borrowing to fund the advance and make such other covenants and agreements as may be appropriate.

D. A loan repayment agreement as defined in section 28-7671 entered into by a county may be paid from and may be secured by a pledge of highway user revenues received by the county from this state pursuant to title 28, chapter 18, article 2 and section 42-6107. The pledge may be on a parity with any pledge previously or hereafter made by the county pursuant to section 11-379. If a county pledges those highway user revenues to a loan repayment agreement, the principal and interest requirements on the loan repayment agreement may be treated as if they were principal and interest on bonds issued under article 12 of this chapter for all purposes of sections 11-378 and 11-380.

E. Pursuant to title 28, chapter 21, article 7, a county may do all of the following:

1. Enter into agreements with the department of transportation, a regional planning agency, metropolitan planning organization or council of governments, a regional public transportation authority established pursuant to section 48-5102 or a designated grant recipient for the acceleration of a transportation project, as defined in section 28-7671.

2. Advance monies to the department of transportation, a regional planning agency, metropolitan planning organization or council of governments, a regional public transportation authority or a designated grant recipient pursuant to the agreements described in paragraph 1 of this subsection.

3. Pledge excise taxes to the repayment of all or any part of the principal, premium, if any, and interest on any borrowing to fund the advance described in paragraph 2 of this subsection.