The aggregate outstanding principal amount of transportation project advancement notes issued by a political subdivision and secured by transportation project advance revenues shall not be more than the aggregate of all uncollected transportation project advance revenues to be received by the political subdivision under transportation project advance agreements unless the political subdivision has pledged other monies lawfully available for application to that purpose to cover any amount in excess of the uncollected transportation project advance revenues.

Terms Used In Arizona Laws 28-7693

  • Political subdivision: means a county, city, town or special taxing district established pursuant to section 48-5102 to construct or assist in the construction of a transportation project. See Arizona Laws 28-7691
  • Transportation project: means all or a portion of a project that is included in the state's transportation improvement program or a plan, as defined in section 28-6351, including the project planning, environmental work, design, right-of-way acquisition or construction for the transportation project and associated rolling stock and operating systems. See Arizona Laws 28-7691
  • Transportation project advance revenues: means any revenues a political subdivision receives under a transportation project advance agreement, or as proceeds of transportation project advancement notes, together with any earnings from the investment of the revenues. See Arizona Laws 28-7691

 

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