28-6304. Bond account; expenditures

236 words·~1 min read·/az/title-28/28-6304

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

A. The state treasurer shall:

1. Hold monies in the bond account in trust for the owners of the bonds.

2. Pay monies in the bond account to the county, to paying agents or to the owners of the bonds directly in accordance with a resolution of the board authorizing the issuance of the bonds.

B. Monies in the bond account may be used:

1. To pay bond-related expenses or recurring expenses pertaining to administration and payment of the bonds.

2. For funding reserves for the payment of the bonds.

3. For payment of fees, charges and expenses incurred with respect to bond-related obligations.

C. Monies in the bond proceeds account may be obligated or spent as directed by the board, according to the plan, for the:

1. Payment of all bond-related expenses.

2. Establishment and funding of reserve monies or to pay interest on bonds during the expected period of construction.

3. Payment of fees, charges and expenses incurred with respect to bond-related obligations.

4. Design, right-of-way purchase or construction related to new, or improvements to, freeways and other routes in the state highway system that are included in the plan and that are accepted into the state highway system.

5. Design, right-of-way purchase or construction related to new, or improvements to, major arterial streets, intersections and regional transportation infrastructure that are included in the plan.

6. Payment of principal and interest on the bonds.