The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
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.
28-7682 - Highway project advancement notes; pledge of excise taxes
28-7682. Highway project advancement notes; pledge of excise taxes
A. After entering into a highway project advance agreement that has been previously approved by the governing body of the political subdivision and by the transportation board, a political subdivision may issue and sell highway project advancement notes either competitively or by negotiation.
B. The principal, premium, if any, and interest on the highway project advancement notes shall be paid solely from either of the following:
1. Highway project advance revenues.
2. If provided by the political subdivision at the time of authorizing the issuance of the highway 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 its excise taxes to the repayment of principal, premium, if any, and interest on highway project advancement notes.