The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
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 political subdivision shall use the proceeds from the sale of transportation project advancement notes for payment of any of the following:
1. Advances for a transportation project included in the state's transportation improvement program or a plan, as defined in section 28-6351, under the transportation project advance agreement that relates to the transportation project advancement notes.
2. Legal and financial costs and expenses incurred in issuing and administering the notes.
3. Reimbursement to the political subdivision for monies previously advanced to the department, a regional planning agency, metropolitan planning organization or council of governments, a regional public transportation authority or a designated grant recipient under the transportation project advance agreement that relates to the transportation project advancement notes.
4. If authorized by the political subdivision, payment of interest that accrues on the notes before maturity.
5. Payment of the principal, premium or interest on other obligations of the political subdivision to the extent that proceeds of those obligations are applied to the financing of the transportation project that relates to the transportation project advance agreement.