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.
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28-7687 - Nature of highway project advancement notes; limited obligation
28-7687. Nature of highway project advancement notes; limited obligation
A. Highway project advancement notes issued pursuant to this article are not general obligations of a political subdivision, any public officer or employee of a political subdivision or this state.
B. Highway project advancement notes are limited obligations of the issuer of the notes and are payable solely from highway project advance revenues received by the political subdivision and, if provided by the political subdivision at the time of authorizing the issuance of those highway project advancement notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes.
C. A holder of a highway project advancement note may not compel the payment of highway project advance revenues to the political subdivision.