28-7706. Funding and financing

474 words·~2 min read·/az/title-28/28-7706

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Any lawful source of funding may be used for the development or operation of an eligible facility under this chapter, including:

1. The proceeds of grant anticipation revenue bonds authorized by 23 United States Code section 122 or any other applicable federal or state law.

2. Grants, loans, loan guarantees, lines of credit, revolving lines of credit or other arrangements available under the transportation infrastructure finance and innovation act of 1998 (P.L. 105-178; 112 Stat. 241; 23 United States Code sections 601 through 610) or any other federal or state law.

3. Federal, state or local revenues.

4. User charges, tolls, fares, charges, lease proceeds, rents, availability payments, gross or net receipts from sales, proceeds from the sale of development rights, franchise charges, permit charges, rents, advertising and sponsorship charges, service charges or any other lawful form of consideration.

5. Private activity bonds as described by 26 United States Code section 141 and other forms of private capital.

6. Other forms of public and private capital that are available.

B. As security for the payment of financing described in this section, the revenues from the project may be pledged, but no pledge of revenues constitutes in any manner or to any extent a general obligation of this state. Any financing may be structured on a senior, parity or subordinate basis to any other financing.

C. The department may issue toll revenue bonds or notes to provide monies for any project under this chapter.

D. The department may accept from the United States or any of its agencies monies that are available to this state or to any other unit of government for carrying out the purposes of this chapter, whether the monies are made available by grant, loan or other financing arrangement. The department may enter into agreements and other arrangements with the United States or any of its agencies as may be necessary, proper and convenient for carrying out this chapter.

E. The department may accept from any source any grant, donation, gift or other form of conveyance of land, money, other real or personal property or other valuable thing made to this state, the department or a local government for carrying out this chapter.

F. Any eligible facility may be funded in whole or in part by contribution of any monies or property made by any private entity or public sector partner that is a party to any agreement entered into under this chapter.

G. Notwithstanding any other law, federal, state and local monies may be combined with any private sector monies for any project purposes.

H. Revenue bonds issued pursuant to this section are not general obligations of this state and are not secured by or payable from any monies or assets of this state other than the monies and revenues specifically pledged to the repayment of the revenue bonds.