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.
A. The aggregate outstanding principal amount of highway project advancement notes issued by a political subdivision and secured by highway project advance revenues shall not be more than the aggregate of all uncollected highway project advance revenues to be received by the political subdivision under highway project advance agreements unless the political subdivision has pledged other monies lawfully available for application to that purpose to cover any amount in excess of the uncollected highway project advance revenues.
B. Highway project advancement notes shall have terms of fifteen years or less.
C. A political subdivision shall not have outstanding at any one time more than three hundred million dollars aggregate principal amount of highway project advancement notes.