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.
28-7697 - Nature of transportation project advancement notes; limited obligation
28-7697. Nature of transportation project advancement notes; limited obligation
A. Transportation 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. Transportation project advancement notes are limited obligations of the issuer of the notes and are payable solely from transportation project advance revenues received by the political subdivision and, if provided by the political subdivision at the time of authorizing the issuance of those transportation 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 transportation project advancement note may not compel the payment of transportation project advance revenues to the political subdivision.