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.
28-7673 - Powers and duties of the board and department
28-7673. Powers and duties of the board and department
A. The transportation board may:
1. Make loans or provide other financial assistance to political subdivisions, Indian tribes or this state or its agencies, including the department, from monies in the fund for eligible projects.
2. Enter into a loan repayment agreement with an entity if in the board's judgment the loan repayment agreement is in furtherance of funding eligible projects pursuant to this article.
3. Apply for, accept and administer grants and other financial assistance from the United States government and from other public and private sources that are made for deposit in the fund.
B. The Arizona department of transportation may enter into SIB cooperative agreements or capitalization grant agreements with the United States department of transportation.
C. The board or the department shall deposit, pursuant to sections 35-146 and 35-147, any monies received pursuant to subsection A, paragraphs 2 and 3 and subsection B in the fund.
D. The board and the department may each enter into contracts, execute any agreements or instruments and do any other act necessary or appropriate to carry out the purposes of this article, including exercising any power granted to them pursuant to this title in conjunction with, to facilitate or to otherwise assist the financing or operation of the fund or an eligible project.
E. If a SIB cooperative agreement and the federal SIB act apply, the board and the department shall each comply with the requirements of the SIB cooperative agreement and the federal SIB act in carrying out their powers and duties pursuant to this article.
F. In providing financial assistance pursuant to this article, the board shall not make a gift, grant or donation of monies in the fund, and any financial assistance provided shall be repaid to the fund.
G. This article does not increase the board's bonding authority.