Arizona Laws 28-6303. Regional area road fund; separate accounts
A. The regional area road fund is divided into three separate accounts designated as the bond account, the construction account and the bond proceeds account.
Terms Used In Arizona Laws 28-6303
- Board: means the transportation board. See Arizona Laws 28-101
- Bonds: means any bonds that are payable from the regional area road fund as provided in chapter 21, article 2 of this title. See Arizona Laws 28-6301
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- highway: means the entire width between the boundary lines of every way if a part of the way is open to the use of the public for purposes of vehicular travel. See Arizona Laws 28-101
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Intersection improvements: means projects that are designed to decrease vehicle congestion, lower travel times or improve safety. See Arizona Laws 28-6301
- Major arterial: means an interconnected thoroughfare whose primary function is to link areas in the region and to distribute traffic to and from controlled access highways, generally of regionwide significance and of varying capacity depending on the travel demand for the specific direction and adjacent land uses. See Arizona Laws 28-6301
- Regional transportation infrastructure: means transportation projects that are selected through a performance-based process for nonmotorized mobility infrastructure, emerging technologies and air quality measures. See Arizona Laws 28-6301
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
- State highway: means a state route or portion of a state route that is accepted and designated by the board as a state highway and that is maintained by the state. See Arizona Laws 28-101
B. The state treasurer shall:
1. Account separately for each account.
2. Make transfers between accounts only as provided in this article or chapter 21, article 2 of this title.
3. Before any bonds are issued, deposit transportation excise tax revenues transferred to the state treasurer in the construction account. These revenues shall be expended as provided in this article.
4. After any bonds are issued, deposit transportation excise tax revenues transferred to the state treasurer in the bond account first until the bond account contains monies sufficient to meet all principal, interest or redemption requirements for the current period as required by any resolution of the board pertaining to the issuance of bonds.
5. After all current period requirements for all of the bonds are deposited in the bond account, deposit the balance of transportation excise tax revenues transferred to the state treasurer for the current period in the construction account.
C. The state treasurer may:
1. Invest monies in any account of the regional area road fund in any securities or obligations authorized by Title 35, Chapter 2, article 2.
2. For the purpose of investments, commingle monies within the regional area road fund with state monies if all interest earned on the monies in the regional area road fund of a county is credited to the respective account of the regional area road fund in which the investment was made.
D. The department shall separately account for the uses of transportation excise tax revenues deposited into the bond account and the construction account in order to identify how the transportation excise tax revenues are used pursuant to section 42-6105, subsection D, paragraphs 1 and 2, for:
1. Freeways and other routes in the state highway system.
2. Major arterial streets, intersection improvements and regional transportation infrastructure identified in the plan, including capital expense and implementation studies.
E. The department shall separately account for the uses of transportation excise tax revenues deposited in the bond account and the construction account in order to identify how the transportation excise tax revenues are used pursuant to Section 42-6105.01, subsection D, paragraphs 1 and 2 for:
1. Freeways and other routes in the state highway system.
2. Major arterial streets, intersection improvements and regional transportation infrastructure identified in the plan, including capital expense and implementation studies.