Arizona Laws 28-7687. Nature of highway project advancement notes; limited obligation
A. Highway project advancement notes issued pursuant to this article are not general obligations of a political subdivision, any public officer or employee of a political subdivision or this state.
Terms Used In Arizona Laws 28-7687
- 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 advance revenues: means any revenues a political subdivision receives under a highway project advance agreement, or as proceeds of highway project advancement notes, together with any earnings from the investment of the revenues. See Arizona Laws 28-7681
- Highway project advancement notes: means notes authorized by this article. See Arizona Laws 28-7681
- Political subdivision: means a county, city or town. See Arizona Laws 28-7681
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
B. Highway project advancement notes are limited obligations of the issuer of the notes and are payable solely from highway project advance revenues received by the political subdivision and, if provided by the political subdivision at the time of authorizing the issuance of those highway project advancement notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes.
C. A holder of a highway project advancement note may not compel the payment of highway project advance revenues to the political subdivision.