Arizona Laws 28-7658. Agreement of state
A. This state pledges to and agrees with the holders of the bonds secured by bridge construction revenues and highway improvement revenues that it will not limit, alter or impair the rights vested in a county under this article to receive bridge construction revenues or highway improvement revenues, as applicable, and as necessary to produce sufficient revenue to fulfill the terms of any intergovernmental agreements made with the county, or in any way impair the rights and remedies of the bondholders to receive the necessary revenues, until all the applicable bonds issued under this article are fully met and discharged.
Terms Used In Arizona Laws 28-7658
- 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
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
B. The county may include this pledge and undertaking in its resolutions and indentures securing the bonds under this article.