Arizona Laws 28-7706. Funding and financing
A. Any lawful source of funding may be used for the development or operation of an eligible facility under this chapter, including:
Terms Used In Arizona Laws 28-7706
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- Eligible facility: means any facility, whether real or personal property, developed or operated after September 30, 2009 in accordance with this chapter, including any existing, enhanced, upgraded or new facility that is any of the following:
(a) Used or useful for the safe transport of people, information or goods via one or more modes of transport, whether involving highways, bridges, tunnels, conduits, railways, monorails, transit, bus systems, guided rapid transit, fixed guideways, ferries, boats, vessels, airports, intermodal or multimodal systems or any other mode of transport. See Arizona Laws 28-7701
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes both real and personal property. See Arizona Laws 1-215
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
- Unit of government: means any agency, office or department of this state, city, county, district, commission, authority, entity, port or other public corporation organized and existing under statutory law or under a voter approved charter or initiative, and any intergovernmental entity. See Arizona Laws 28-7701
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. The proceeds of grant anticipation revenue bonds authorized by 23 United States Code § 122 or any other applicable federal or state law.
2. Grants, loans, loan guarantees, lines of credit, revolving lines of credit or other arrangements available under the transportation infrastructure finance and innovation act of 1998 (P.L. 105-178; 112 Stat. 241; 23 United States Code §§ 601 through 610) or any other federal or state law.
3. Federal, state or local revenues.
4. User charges, tolls, fares, charges, lease proceeds, rents, availability payments, gross or net receipts from sales, proceeds from the sale of development rights, franchise charges, permit charges, rents, advertising and sponsorship charges, service charges or any other lawful form of consideration.
5. Private activity bonds as described by 26 United States Code § 141 and other forms of private capital.
6. Other forms of public and private capital that are available.
B. As security for the payment of financing described in this section, the revenues from the project may be pledged, but no pledge of revenues constitutes in any manner or to any extent a general obligation of this state. Any financing may be structured on a senior, parity or subordinate basis to any other financing.
C. The department may issue toll revenue bonds or notes to provide monies for any project under this chapter.
D. The department may accept from the United States or any of its agencies monies that are available to this state or to any other unit of government for carrying out the purposes of this chapter, whether the monies are made available by grant, loan or other financing arrangement. The department may enter into agreements and other arrangements with the United States or any of its agencies as may be necessary, proper and convenient for carrying out this chapter.
E. The department may accept from any source any grant, donation, gift or other form of conveyance of land, money, other real or personal property or other valuable thing made to this state, the department or a local government for carrying out this chapter.
F. Any eligible facility may be funded in whole or in part by contribution of any monies or property made by any private entity or public sector partner that is a party to any agreement entered into under this chapter.
G. Notwithstanding any other law, federal, state and local monies may be combined with any private sector monies for any project purposes.
H. Revenue bonds issued pursuant to this section are not general obligations of this state and are not secured by or payable from any monies or assets of this state other than the monies and revenues specifically pledged to the repayment of the revenue bonds.