After the director has entered into one or more grant agreements, the board may issue and sell grant anticipation notes. The principal, premium, if any, and interest on the notes shall be paid solely from any of the following:

Terms Used In Arizona Laws 28-7612

  • Board: means the transportation board. 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
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215

1. The grant revenues.

2. 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, including the proceeds from the sale of other obligations of the director.

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