Arizona Laws 28-7682. Highway project advancement notes; pledge of excise taxes
A. After entering into a highway project advance agreement that has been previously approved by the governing body of the political subdivision and by the transportation board, a political subdivision may issue and sell highway project advancement notes either competitively or by negotiation.
Terms Used In Arizona Laws 28-7682
- Board: means the transportation board. See Arizona Laws 28-101
- Excise taxes: means all unrestricted excise, transaction, franchise, privilege and business taxes, state shared sales and income taxes, fees for licenses and permits and state revenue sharing that are validly imposed by a political subdivision or contributed, allocated or paid to the political subdivision and not earmarked by the contributor or the political subdivision for a contrary or inconsistent purpose. See Arizona Laws 28-7681
- 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 project: means a highway project that is on the federal aid system, national highway system or state route or state highway system and that is included in the department's state highway construction plan or the transportation improvement plan of a regional association of governments, except that a highway project does not include any local street improvements. See Arizona Laws 28-7681
- Highway project advancement notes: means notes authorized by this article. See Arizona Laws 28-7681
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Political subdivision: means a county, city or town. See Arizona Laws 28-7681
B. The principal, premium, if any, and interest on the highway project advancement notes shall be paid solely from either of the following:
1. Highway project advance revenues.
2. If provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, other monies lawfully available for application to that purpose, including proceeds from the sale of other obligations of the political subdivision or excise taxes of the political subdivision.
C. A political subdivision may pledge its excise taxes to the repayment of principal, premium, if any, and interest on highway project advancement notes.