28-7684. Application of revenues; highway project advancement notes fund; payment of notes
184 words·~1 min read·
/az/title-28/28-7684A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.