28-7692. Transportation project advancement notes; pledge of excise taxes
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/az/title-28/28-7692A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A regional planning agency, metropolitan planning organization or council of governments or a designated grant recipient may enter into a transportation project advance agreement with each other, a political subdivision, the department or a regional public transportation authority established pursuant to section 48-5102. A political subdivision may enter into a transportation project advance agreement pursuant to section 9-500.17, 11-269.03 or 48-5122. The department may enter into a transportation project advance agreement pursuant to section 28-7677.
After entering into a transportation project advance agreement, a political subdivision may issue and sell transportation project advancement notes either competitively or by negotiation.
B. The principal, premium, if any, and interest on the transportation project advancement notes shall be paid solely from either of the following:
1. Transportation project advance revenues.
2. If provided by the political subdivision at the time of authorizing the issuance of the transportation 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 the revenues and monies described in subsection B of this section, including its excise taxes, to the repayment of principal, premium, if any, and interest on transportation project advancement notes.