The Arizona Revised Statutes have been updated to include the revised sections from the 53rd Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 1st Regular Session, which convenes in January 2019.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
28-7568 - Bond proceeds; distribution; expenditures
28-7568. Bond proceeds; distribution; expenditures
A. After deducting the necessary costs and expenses of the issuance and sale of the bonds and any amounts necessary to provide for the payment of refunded bonds, the department shall promptly deposit, pursuant to sections 35-146 and 35-147, the proceeds received from the sale and delivery of bonds issued pursuant to this article in the bond proceeds account within the regional area road fund pursuant to chapter 17, article 1 of this title. The department shall first apply those amounts of the bond proceeds provided in the resolution issuing the bonds to all reserve and sinking funds created in the bond resolution.
B. The board shall use the bond proceeds solely for the purposes provided in the bond resolution, except that, if the revenues pledged to secure the bonds ever become insufficient to pay the annual principal and interest on the bonds, the board shall order:
1. The liquidation of any permitted investments remaining in the bond proceeds account.
2. The state treasurer to apply all of the receipts as necessary to make current all payments then due on the bonds.