28-7697. Nature of transportation project advancement notes; limited obligation
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/az/title-28/28-7697A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Transportation project advancement notes issued pursuant to this article are not general obligations of a political subdivision, any public officer or employee of a political subdivision or this state.
B. Transportation project advancement notes are limited obligations of the issuer of the notes and are payable solely from transportation project advance revenues received by the political subdivision and, if provided by the political subdivision at the time of authorizing the issuance of those transportation project advancement notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes.
C. A holder of a transportation project advancement note may not compel the payment of transportation project advance revenues to the political subdivision.