A. Grant anticipation notes issued under this article are not general obligations of the department, any public officer or employee of the department or this state.

Terms Used In Arizona Laws 28-7617

  • Board: means the transportation board. See Arizona Laws 28-101
  • Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
  • Director: means the director of the department of transportation. See Arizona Laws 28-101
  • Grant anticipation notes: means notes authorized by this article. See Arizona Laws 28-7611
  • Grant revenues: means any revenues the director will receive under a grant agreement, proceeds of grant anticipation notes and income and gain from the investment of these revenues and proceeds. See Arizona Laws 28-7611
  • State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101

B. The notes are limited obligations payable solely from grant revenues received by the director and, if provided by the board at the time of authorizing the issuance of the grant anticipation 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 grant anticipation note may not compel the payment of grant revenues to the director.

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