Arizona Laws 28-7657. Pledge of revenues to secure debt instruments
A. Notwithstanding any other provision of this article, a county that receives bridge construction revenues may pledge, by separate covenant included in the resolution authorizing the issuance of bridge construction revenue bonds under this article or obligations it may incur, future receipts of the revenues to the payment of the bridge construction revenue bonds or to the costs of the bridge. The pledge may be included in the resolution authorizing the issuance of the bonds. The resolution authorizing the issuance of the bonds may also authorize assigning bridge construction revenues to a trustee or paying agent to secure the bonds.
Terms Used In Arizona Laws 28-7657
- Bridge construction revenues: means monies received pursuant to section 42-5032, subsection A and deposited in the bridge construction interest fund or redemption fund under section 28-7656, subsection A. See Arizona Laws 28-7651
- 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
- Highway improvement revenues: means monies received pursuant to section 42-5032, subsection B and deposited in the highway improvement interest fund or redemption fund under section 28-7656, subsection B. See Arizona Laws 28-7651
- Trustee: A person or institution holding and administering property in trust.
B. Notwithstanding any other provision of this article, a county that receives highway improvement revenues may pledge, by separate covenant included in the resolution authorizing the issuance of highway improvement revenue bonds under this article or obligations it may incur, future receipts of the revenues to the payment of the highway improvement revenue bonds or to the costs of the highway improvements. The pledge may be included in the resolution authorizing the issuance of the bonds. The resolution authorizing the issuance of the bonds may also authorize assigning highway improvement revenues to a trustee or paying agent to secure the bonds.