28-7682. Highway project advancement notes; pledge of excise taxes
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/az/title-28/28-7682A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. After entering into a highway project advance agreement that has been previously approved by the governing body of the political subdivision and by the transportation board, a political subdivision may issue and sell highway project advancement notes either competitively or by negotiation.
B. The principal, premium, if any, and interest on the highway project advancement notes shall be paid solely from either of the following:
1. Highway project advance revenues.
2. If provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, other monies lawfully available for application to that purpose, including proceeds from the sale of other obligations of the political subdivision or excise taxes of the political subdivision.
C. A political subdivision may pledge its excise taxes to the repayment of principal, premium, if any, and interest on highway project advancement notes.