A. The state treasurer shall:

Terms Used In Arizona Laws 28-6304

  • Board: means the transportation board. See Arizona Laws 28-101
  • Bond-related expenses: means :

    (a) Printing, publication or advertising expenses with respect to the sale and issuance of any bonds. See Arizona Laws 28-6301

  • 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
  • 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
  • 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
  • Right-of-way: when used within the context of the regulation of the movement of traffic on a highway means the privilege of the immediate use of the highway. See Arizona Laws 28-101
  • 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

1. Hold monies in the bond account in trust for the owners of the bonds.

2. Pay monies in the bond account to the county, to paying agents or to the owners of the bonds directly in accordance with a resolution of the board authorizing the issuance of the bonds.

B. Monies in the bond account may be used:

1. To pay bond-related expenses or recurring expenses pertaining to administration and payment of the bonds.

2. For funding reserves for the payment of the bonds.

3. For payment of fees, charges and expenses incurred with respect to bond-related obligations.

C. Monies in the bond proceeds account may be obligated or spent as directed by the board, according to the plan, for the:

1. Payment of all bond-related expenses.

2. Establishment and funding of reserve monies or to pay interest on bonds during the expected period of construction.

3. Payment of fees, charges and expenses incurred with respect to bond-related obligations.

4. Design, right-of-way purchase or construction related to new, or improvements to, freeways and other routes in the state highway system that are included in the plan and that are accepted into the state highway system.

5. Design, right-of-way purchase or construction related to new, or improvements to, major arterial streets, intersections and regional transportation infrastructure that are included in the plan.

6. Payment of principal and interest on the bonds.

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