Arizona Laws 28-7695. Use of proceeds
A political subdivision shall use the proceeds from the sale of transportation project advancement notes for payment of any of the following:
Terms Used In Arizona Laws 28-7695
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- 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
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
- 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 agreement: means a written agreement, entered into in accordance with section 28-7677 and Section 9-500. See Arizona Laws 28-7691
- Transportation project advancement notes: means notes authorized by this article. See Arizona Laws 28-7691
1. Advances for a transportation project included in the state‘s transportation improvement program or a plan, as defined in section 28-6351, under the transportation project advance agreement that relates to the transportation project advancement notes.
2. Legal and financial costs and expenses incurred in issuing and administering the notes.
3. Reimbursement to the political subdivision for monies previously advanced to the department, a regional planning agency, metropolitan planning organization or council of governments, a regional public transportation authority or a designated grant recipient under the transportation project advance agreement that relates to the transportation project advancement notes.
4. If authorized by the political subdivision, payment of interest that accrues on the notes before maturity.
5. Payment of the principal, premium or interest on other obligations of the political subdivision to the extent that proceeds of those obligations are applied to the financing of the transportation project that relates to the transportation project advance agreement.