28-7656. Interest fund; redemption fund
157 words·~1 min read·
/az/title-28/28-7656A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The treasurer of the county issuing bonds secured by bridge construction revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds bridge construction revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay principal and interest on the bonds.
B. The treasurer of the county issuing bonds secured by highway improvement revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds highway improvement revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay the principal and interest on the bonds.
C. The funds under subsections A and B shall be established and maintained separately and used exclusively for the respective purposes for which they are established.