reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7513 - Taxation exemption

28-7513.
Taxation exemption
The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed for these purposes or on the activities of the board in maintaining and caring for the real property or in the revenues derived from the real property. The bonds,  their transfer and the income from the bonds are at all times free from taxation in this state.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7514 - Attorney general bond certification

28-7514.
Attorney general bond certification
A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general,  the attorney general shall investigate and determine the validity of the bonds and the regularity of all proceedings in connection with the issuance.
B. If the proceedings conform to this article and if it is determined that the bonds when delivered and paid for will constitute binding and legal obligations of the board enforceable according to the terms of the bonds,  the attorney general shall certify in substance on the back of each of the bonds that it is issued in accordance with the constitution and laws of this state.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7515 - Bond obligations of the board

28-7515.
Bond obligations of the board
A. Bonds issued pursuant to this article:
1. Are obligations of the board issuing the bonds.
2. Are payable only pursuant to the terms of the bonds.
3. Are not obligations that are general,  special or otherwise of this state.
4. Are not a legal debt of this state.
5. Are not enforceable against this state.
B. Payment of the bonds issued pursuant to this article is not enforceable out of any monies of the department other than the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7516 - Bonds; legal investments

28-7516.
Bonds;  legal investments
Bonds issued under this article are made securities:
1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them:
(a) Public officers and bodies of this state.
(b) Political subdivisions of this state.
(c) Insurance companies and associations and other persons carrying on an insurance business.
(d) Banks,  bankers,  trust companies,  savings banks and savings associations,  including savings and loan associations,  building and loan associations,  investment companies and other persons carrying on a banking business.
(e) Administrators,  guardians,  executors,  trustees and other fiduciaries.
(f) Other persons authorized to invest in bonds or other obligations of this state.
2. That may be deposited with and may be received by all public officers and bodies of this state and all political subdivisions of this state for any purpose for which the deposit of bonds or other obligations of this state is authorized.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7517 - Exclusive law

28-7517.
Exclusive law
A. The powers provided by this article are in addition to the powers conferred by any other general or special law. Without reference to any other provision of this title or to any other general or special law,  this article is authority for the completion of the purposes prescribed in this article,  for entering into acquisition and construction contracts in connection with those purposes and for the authorization,  issuance and sale of the bonds pursuant to this article without regard to the procedure required by any other law.
B. Except as otherwise provided in this article,  the provisions of this title that relate to the matters contained in this article are superseded because this article is the exclusive law on these matters.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7561 - Bonds payable from transportation excise taxes

28-7561.
Bonds payable from transportation excise taxes
A. The board is designated as the body having sole and exclusive power to authorize and issue bonds or incur long-term obligations payable in whole or in part from monies in a regional area road fund established by chapter 17,  article 1 of this title. The board may act for and on behalf of a county that has a regional area road fund established by chapter 17,  article 1 of this title to:
1. Issue negotiable bonds payable solely from monies paid into the bond account of the respective regional area road fund in a principal amount that in the opinion of the board is necessary to provide sufficient monies for any lawful purpose for which the respective regional area road fund monies may be spent,  to establish reserves to secure the bonds and to provide for the payment of all other expenditures of the board that are incidental,  necessary and convenient to carry out these purposes.
2. Issue refunding bonds if the board deems refunding expedient,  including refunding any bonds and other obligations issued pursuant to chapter 21 of this title if the proceeds of the bonds and other obligations to be refunded are used for the purposes provided in section 28-6304,  subsection C,  paragraph 4 or 5,  as applicable,  whether the bonds and other obligations to be refunded have or have not matured. Proceeds of the refunding bonds may be used to pay principal,  interest or redemption premiums on the refunded bonds and other obligations.
3. Refund any bonds issued by the board and payable from regional area road fund income as authorized in this article by the issuance of refunding bonds,  whether the bonds to be refunded have or have not matured. Proceeds of refunding bonds may be used to pay principal,  interest or redemption premiums on refunded bonds.
4. Issue bonds partly to refund bonds and other obligations described in paragraphs 2 and 3 of this subsection outstanding and partly for any other purpose consistent with this article.
B. Regardless of whether or not the bonds are of such form or character as to be negotiable instruments under the terms of the uniform commercial code,  the bonds are fully negotiable within the meaning and for all purposes of the uniform commercial code.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7562 - Bond requirements

28-7562.
Bond requirements
A. The bonds authorized by this article shall:
1. Be authorized by resolution of the board.
2. Bear such date or dates and mature at such time or times,  not exceeding the earlier of twenty years from their respective dates or the date the transportation excise taxes securing the bonds cease,  as the resolution or resolutions may provide.
3. Bear interest at such rate or rates,  including rates that may vary from time to time pursuant to parameters set by the board in the authorizing resolution.
4. Be in the denomination,  be in the form,  either coupon or registered,  be executed in the manner and be payable as to principal,  interest or premium in the medium of payment at the office of the state treasurer of this state or at such other place or places as the board provides either by automatic deposit,  wire transfer or mail,  as the resolution or resolutions may provide.
5. Be subject to the terms of redemption,  at the option of either the board or the owner of the bond,  as the resolution or resolutions may provide.
B. The bonds may be sold at either public or private sale,  above,  at or below par and on terms the board determines. Bonds to fund or refund other bonds may be exchanged with the holders of bonds being funded or refunded on terms the board determines.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7563 - Bond payment; security

28-7563.
Bond payment;  security
In connection with the issuance of the bonds authorized by this article or to secure the payment of the bonds and interest on the bonds,  the board by resolution may:
1. Provide that bonds issued under this article may be paid with and secured by a pledge on all or any part of the monies paid into the bond account of the respective regional area road fund,  and if monies in the bond account are ever insufficient,  from any other unobligated monies in the construction account or the bond proceeds account. The board may:
(a) Set the priority of lien or claim of any series or issue of bonds against any other series or issues.
(b) Not abrogate or change the priority unless the affected series or issue is to be fully paid or fully provided for by the issuance of refunding bonds or the holders of the bonds affected agree in writing to the change.
2. Pledge and assign to or in trust,  with a trustee appointed by the board,  for the benefit of the holder or the holders of the bonds all or any part of the monies paid into the bond account of the respective regional area road fund as will be necessary to pay the principal of,  interest on and premium,  if any,  on the bonds as the bonds become due.
3. Set aside,  regulate and dispose of reserves and sinking funds.
4. Provide that sufficient amounts of the proceeds from the sale of the bonds may be used to fully or partly fund all reserves or sinking funds set up by the bond resolution.
5. Prescribe the procedure,  if any,  by which the terms of a contract with bondholders may be amended or abrogated,  the amount of bonds the holders of which must consent to and the manner in which the consent may be given.
6. Provide for payment from the proceeds of the sale of the bonds of all legal and financial expenses incurred by the board in the issuance,  sale,  delivery and payment of the bonds.
7. Do any other matters,  of like or different character,  that in any way may affect the security and protection of the bonds.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7564 - Pledges; liens

28-7564.
Pledges;  liens
A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article when placed in the bond account,  bond proceeds account or construction account of the respective regional area road fund are immediately subject to the lien of the pledge without any future physical delivery or further act.
B. A lien of any pledge is valid or binding against all parties having claims of any kind in tort,  contract or otherwise against the board,  regardless of whether the parties have notice. When placed in the records of the board,  the official resolution or trust indenture or any instrument by which this pledge is created is notice to all concerned of the creation of the pledge,  and these instruments are not required to be recorded in any other place. A filing or recording of the resolution of the board creating or extending the lien or pledge in order for the pledge or lien to become fully effective is not required in any office other than in the office of the board.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7565 - Liability; bond validity

28-7565.
Liability;  bond validity
A. The members of the board or a person executing the bonds authorized by this article are not personally liable for the payment of the bonds.
B. The bonds are valid and binding obligations of the board notwithstanding the fact that before the delivery of the bonds any of the officers whose signatures appear on the bonds cease to be officers of the board.
C. From and after the sale and delivery of the bonds,  the bonds are incontestable by the board or the county.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7566 - Bond purchase

28-7566.
Bond purchase
The board may purchase bonds authorized by this article out of any monies available,  and these bonds may then be canceled,  at a price of not more than either of the following:
1. If the bonds are then redeemable,  the price then applicable plus accrued interest to the next interest payment date on the bonds.
2. If the bonds are not then redeemable,  the redemption price applicable on the first date after the purchase on which the bonds become subject to redemption plus accrued interest to that date.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7567 - Notice; bond issuance

28-7567.
Notice;  bond issuance
A. The board shall publish a notice of its intention to issue bonds under this article for at least five consecutive days in a newspaper published in this state. The last day of publication shall be at least ten days before the issuance of the bonds.
B. The notice shall state the amount of the bonds to be sold and the intended date of issuance.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7568 - Bond proceeds; distribution; expenditures

28-7568.
Bond proceeds;  distribution;  expenditures
A. After deducting the necessary costs and expenses of the issuance and sale of the bonds and any amounts necessary to provide for the payment of refunded bonds,  the department shall promptly deposit,  pursuant to sections 35-146 and 35-147,  the proceeds received from the sale and delivery of bonds issued pursuant to this article in the bond proceeds account within the regional area road fund pursuant to chapter 17,  article 1 of this title. The department shall first apply those amounts of the bond proceeds provided in the resolution issuing the bonds to all reserve and sinking funds created in the bond resolution.
B. The board shall use the bond proceeds solely for the purposes provided in the bond resolution,  except that,  if the revenues pledged to secure the bonds ever become insufficient to pay the annual principal and interest on the bonds,  the board shall order:
1. The liquidation of any permitted investments remaining in the bond proceeds account.
2. The state treasurer to apply all of the receipts as necessary to make current all payments then due on the bonds.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7569 - Agreement of state and county

28-7569.
Agreement of state and county
A. This state pledges to and agrees with the holders of the bonds issued under this article that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds,  limit or alter the authority of the respective county levying a transportation excise tax in a way that prevents the imposition of sufficient transportation excise taxes to fulfill the terms of any agreements made with the holders of the bonds or in any way impair the rights and remedies of the bondholders,  until all bonds issued under this article,  interest on the bonds,  interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged.
B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.
C. A county shall not take any action to lower or terminate any transportation excise tax.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7570 - Taxation exemption

28-7570.
Taxation exemption
The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed or on the activities of the board in maintaining and caring for the real property or in the monies derived from the real property. The bonds issued under this article,  their transfer and the income from the bonds are at all times free from taxation in this state.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7571 - Attorney general bond certification

28-7571.
Attorney general bond certification
A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general,  the attorney general shall investigate and determine the validity of the bonds and the regularity of all proceedings in connection with the issuance.
B. If the proceedings conform to this article and if it is determined that the bonds when delivered and paid for will constitute binding and legal obligations of the board enforceable according to the terms of the bonds,  the attorney general shall certify in substance on the back of each of the bonds that it is issued in accordance with the constitution and laws of this state.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7572 - Bond obligations of the board

28-7572.
Bond obligations of the board
Bonds issued pursuant to this article:
1. Are obligations of the board issuing the bonds.
2. Are payable only pursuant to the terms of the bonds.
3. Are not obligations general,  special or otherwise of this state.
4. Are not a legal debt of this state or of the respective county imposing the transportation excise tax.
5. Are not enforceable against this state or that county out of any monies other than the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7573 - Bonds; legal investments

28-7573.
Bonds;  legal investments
Bonds issued under this article are made securities:
1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them:
(a) Public officers and bodies of this state.
(b) Political subdivisions of this state.
(c) Insurance companies and associations and other persons carrying on an insurance business.
(d) Banks,  bankers,  trust companies,  savings banks and savings associations,  including savings and loan associations,  building and loan associations,  investment companies and other persons carrying on a banking business.
(e) Administrators,  guardians,  executors,  trustees and other fiduciaries.
(f) Other persons authorized to invest in bonds or other obligations of this state.
2. That may be deposited with and may be received by all public officers and bodies of this state and all political subdivisions of this state for any purpose for which the deposit of bonds or other obligations of this state is authorized.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7611 - Definitions

28-7611.
Definitions
In this article,  unless the context otherwise requires:
1. " Grant agreement"  means a written agreement between the director and the United States of America or any of its departments or agencies by which the director will receive a grant to construct a project or to reimburse the director for monies spent with respect to the project.
2. " Grant anticipation notes"  means notes authorized by this article.
3. " Grant revenues"  means any revenues the director will receive under a grant agreement,  proceeds of grant anticipation notes and income and gain from the investment of these revenues and proceeds.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7612 - Grant anticipation notes

28-7612.
Grant anticipation notes
After the director has entered into one or more grant agreements,  the board may issue and sell grant anticipation notes. The principal,  premium,  if any,  and interest on the notes shall be paid solely from any of the following:
1. The grant revenues.
2. If provided by the board at the time of authorizing the issuance of the grant anticipation notes,  other monies lawfully available for application to that purpose,  including the proceeds from the sale of other obligations of the director.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7615 - Application of grant revenues; grant anticipation notes fund; payment of notes

28-7615.
Application of grant revenues;  grant anticipation notes fund;  payment of notes
A. On the issuance of any grant anticipation notes,  the grant revenues to be received by the director pursuant to the applicable grant agreement shall be collected and,  as provided by the board at the time of authorizing the issuance of the grant anticipation notes,  used for any of the following:
1. Paid into a special fund to be known as the grant anticipation notes fund.
2. Held for application to the payment of the costs of the project to which the grant agreement relates.
3. Applied to reimburse the director for monies previously spent with respect to the project.
B. As long as any grant anticipation notes are outstanding,  monies paid into the grant anticipation notes fund pursuant to subsection A shall only be used to pay principal and interest on the grant anticipation notes.
C. Notwithstanding any other law,  this article authorizes the payment when due or redemption in advance of maturity,  if the notes so provide,  of all principal and interest and redemption premiums on the notes from the monies in the grant anticipation notes fund.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7616 - Use of proceeds

28-7616.
Use of proceeds
The proceeds from the sale of the notes shall be used by the director for payment of any of the following:
1. Costs and expenses incurred in the construction or acquisition of the project for which the grant or grants are being made.
2. Legal and financial costs and expenses incurred in issuing and administering the notes.
3. Costs for which the director will be entitled to receive reimbursement pursuant to the grant agreement.
4. If authorized by the board,  payment of interest to accrue on the notes during their life.
5. Payment of the principal,  premium or interest on other obligations,  all or a portion of the proceeds of which were or are to be applied to the financing of the project to which the grant agreement relates.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7617 - Nature of grant anticipation notes; limited obligation

28-7617.
Nature of grant anticipation notes;  limited obligation
A. Grant anticipation notes issued under this article are not general obligations of the department,  any public officer or employee of the department or this state.
B. The notes are limited obligations payable solely from grant revenues received by the director and,  if provided by the board at the time of authorizing the issuance of the grant anticipation 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 grant anticipation note may not compel the payment of grant revenues to the director.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7618 - Attorney general note certification

28-7618.
Attorney general note certification
A. The board may submit to the attorney general any notes to be issued under this article after all proceedings for the authorization of the notes have been taken. On the submission of the proceedings to the attorney general,  the attorney general shall investigate and determine the validity of the notes and the regularity of all proceedings in connection with the issuance.
B. If the proceedings comply with this article and the attorney general determines that the notes when delivered and paid for will constitute binding and legal obligations of the board that are enforceable according to the terms of the notes,  the attorney general shall certify in substance on the back of each of the notes that each note is issued in accordance with the constitution and laws of this state.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7651 - Definitions

28-7651.
Definitions
In this article,  unless the context otherwise requires:
1. " Bond"  means a bond secured solely by bridge construction revenues or a bond secured solely by highway improvement revenues as authorized and issued pursuant to this article.
2. " Bridge construction revenues"  means monies received pursuant to section 42-5032,  subsection A and deposited in the bridge construction interest fund or redemption fund under section 28-7656,  subsection A.
3. " Highway improvement revenues"  means monies received pursuant to section 42-5032,  subsection B and deposited in the highway improvement interest fund or redemption fund under section 28-7656,  subsection B.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7652 - Agreement for construction of bridge or highway improvements

28-7652.
Agreement for construction of bridge or highway improvements
A. The department and a county with a population of more than two million persons may enter into an intergovernmental agreement pursuant to title 11,  chapter 7,  article 3 for the construction of a bridge to provide direct access to commercial,  residential and recreational facilities.
The agreement shall:
1. Contain the commitment of this state and the county to transfer bridge construction revenues to the county treasurer for deposit in the bridge construction interest fund or redemption fund under section 28-7656,  subsection A for the purpose of financing the construction,  design,  acquisition and attendant acquisition costs of the bridge.
2. Contain the commitment of the county to pay other monies for the purpose of financing the bridge.
3. Include this state's pledge of sufficient bridge construction revenues to fulfill this state's obligation for funding the bridge.
4. State the responsibilities of each party with regard to planning,  designing,  constructing,  owning and maintaining the bridge.
5. Provide that payment for the costs of the bridge shall be made from contributions from the parties to the agreement and other contributors before the use of bond proceeds.
B. The department and the county may enter into an intergovernmental agreement pursuant to title 11,  chapter 7,  article 3 for the design,  reconstruction and improvement of a county highway approaching and traversing a bridge constructed pursuant to subsection A of this section. The agreement shall:
1. Contain the commitment of this state and the county to transfer highway improvement revenues to the county treasurer for deposit in the highway improvement interest fund or redemption fund pursuant to section 28-7656,  subsection B for the purpose of financing the design,  reconstruction and improvement costs of the highway.
2. Contain the commitment of the county to pay other monies for the purpose of financing the highway improvements.
3. Include this state's pledge of sufficient highway improvement revenues to fulfill this state's obligation for funding the highway improvements.
4. State the responsibilities of each party with regard to planning,  designing,  reconstructing,  owning and maintaining the highway.
5. Provide that payment for the costs of the highway improvements shall be made from contributions from the parties to the agreement and other contributors before the use of bond proceeds.
6. Contain the representation by the county that it has the legally binding assurance of the owner of a sports entertainment facility as defined in section 42-5032,  subsection E and that the owner will reimburse the county for all expenses the county may incur under section 28-401,  subsection D,  paragraph 4 and section 42-5032,  subsection B.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7654 - Issuance of bonds

28-7654.
Issuance of bonds
A. The county board of supervisors is authorized to issue bonds secured by a pledge of bridge construction revenues.
B. The county board of supervisors is authorized to issue bonds secured by a pledge of highway improvement revenues.
C. Any bonds issued pursuant to this article may be issued in one or more series,  bear the dates,  be payable in the medium of payment and at the places,  bear the rates of interest,  including variable rates,  carry the registration privileges and prior redemption provisions,  be executed in the manner,  contain the other terms,  covenants and conditions and be in the form the board of supervisors prescribes. The bonds shall be sold at,  above or below par in the manner as the board of supervisors determines.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7655 - Characteristics of bonds

28-7655.
Characteristics of bonds
The bonds issued under this article:
1. Are fully negotiable within the meaning and for all purposes provided by title 47.
2. Are payable only according to their terms from bridge construction revenues or highway improvement revenues,  as applicable,  and are not general,  special or other obligations of the issuing county or this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. Payment of the bonds shall not be made from any monies other than those allowed to be pledged.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7656 - Interest fund; redemption fund

28-7656.
Interest fund;  redemption fund
A. The treasurer of the county issuing bonds secured by bridge construction revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds bridge construction revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay principal and interest on the bonds.
B. The treasurer of the county issuing bonds secured by highway improvement revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds highway improvement revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay the principal and interest on the bonds.
C. The funds under subsections A and B shall be established and maintained separately and used exclusively for the respective purposes for which they are established.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7657 - Pledge of revenues to secure debt instruments

28-7657.
Pledge of revenues to secure debt instruments
A. Notwithstanding any other provision of this article,  a county that receives bridge construction revenues may pledge,  by separate covenant included in the resolution authorizing the issuance of bridge construction revenue bonds under this article or obligations it may incur,  future receipts of the revenues to the payment of the bridge construction revenue bonds or to the costs of the bridge. The pledge may be included in the resolution authorizing the issuance of the bonds. The resolution authorizing the issuance of the bonds may also authorize assigning bridge construction revenues to a trustee or paying agent to secure the bonds.
B. Notwithstanding any other provision of this article,  a county that receives highway improvement revenues may pledge,  by separate covenant included in the resolution authorizing the issuance of highway improvement revenue bonds under this article or obligations it may incur,  future receipts of the revenues to the payment of the highway improvement revenue bonds or to the costs of the highway improvements. The pledge may be included in the resolution authorizing the issuance of the bonds. The resolution authorizing the issuance of the bonds may also authorize assigning highway improvement revenues to a trustee or paying agent to secure the bonds.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7658 - Agreement of state

28-7658.
Agreement of state
A. This state pledges to and agrees with the holders of the bonds secured by bridge construction revenues and highway improvement revenues that it will not limit,  alter or impair the rights vested in a county under this article to receive bridge construction revenues or highway improvement revenues,  as applicable,  and as necessary to produce sufficient revenue to fulfill the terms of any intergovernmental agreements made with the county,  or in any way impair the rights and remedies of the bondholders to receive the necessary revenues,  until all the applicable bonds issued under this article are fully met and discharged.
B. The county may include this pledge and undertaking in its resolutions and indentures securing the bonds under this article.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7673 - Powers and duties of the board and department

28-7673.
Powers and duties of the board and department
A. The transportation board may:
1. Make loans or provide other financial assistance to political subdivisions,  Indian tribes or this state or its agencies,  including the department,  from monies in the fund for eligible projects.
2. Enter into a loan repayment agreement with an entity if in the board's judgment the loan repayment agreement is in furtherance of funding eligible projects pursuant to this article.
3. Apply for,  accept and administer grants and other financial assistance from the United States government and from other public and private sources that are made for deposit in the fund.
B. The Arizona department of transportation may enter into SIB cooperative agreements or capitalization grant agreements with the United States department of transportation.
C. The board or the department shall deposit,  pursuant to sections 35-146 and 35-147,  any monies received pursuant to subsection A,  paragraphs 2 and 3 and subsection B in the fund.
D. The board and the department may each enter into contracts,  execute any agreements or instruments and do any other act necessary or appropriate to carry out the purposes of this article,  including exercising any power granted to them pursuant to this title in conjunction with,  to facilitate or to otherwise assist the financing or operation of the fund or an eligible project.
E. If a SIB cooperative agreement and the federal SIB act apply,  the board and the department shall each comply with the requirements of the SIB cooperative agreement and the federal SIB act in carrying out their powers and duties pursuant to this article.
F. In providing financial assistance pursuant to this article,  the board shall not make a gift,  grant or donation of monies in the fund,  and any financial assistance provided shall be repaid to the fund.
G. This article does not increase the board's bonding authority.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7675 - Fund; annual financial audit and report

28-7675.
Fund;  annual financial audit and report
A. The transportation board shall annually cause a financial audit to be made of the fund. The financial audit shall be conducted by a certified public accountant within six months after the end of each fiscal year. The board shall immediately file a certified copy of the audit with the auditor general.
B. The board shall pay any fees and costs of the financial audit under this section from the fund.
C. The transportation board is exempt from subsection A of this section if all of the following apply:
1. Unexpended monies do not remain in the fund except interest and investment earnings deposited pursuant to section 28-7674,  subsection B,  paragraph 6.
2. There are no outstanding eligible project loans in the fund.
3. All approved or pending eligible project loans or other financial assistance applications are disbursed,  and the board does not expect additional financial assistance applications.
4. There are no outstanding board funding obligations due to the state treasurer.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7677 - Acceleration of right-of-way acquisition, design or construction of eligible highway and transportation projects

28-7677.
Acceleration of right-of-way acquisition,  design or construction of eligible highway and transportation projects
A. If the department enters into an agreement with a political subdivision or Indian tribe for accelerated right-of-way acquisition,  design or construction of an eligible highway project,  the agreement may provide for the advancing to the department by the political subdivision or Indian tribe of monies needed for the right-of-way acquisition,  design or construction and for the repayment by the department of the advanced monies,  with interest,  if any,  at the agreed on rate,  to the political subdivision or Indian tribe. The political subdivision or Indian tribe may make an advance from any available monies,  and any advance constitutes an eligible investment for sinking funds or other funds of the political subdivision or Indian tribe.
B. The department shall repay the political subdivision or Indian tribe for an advance,  together with interest,  if any,  on the advance at the agreed on rate,  from monies available to the department for the eligible project pursuant to a mutually agreed on repayment schedule. The period for repayment shall not be more than five years from the date of the advance. Notwithstanding chapters 17 and 18 of this title,  an advance,  together with interest on the advance,  may be repaid by the department from monies in a regional area road fund construction account and from revenues distributed pursuant to section 28-6538,  subsection B.
C. If the department enters into an agreement with a political subdivision,  regional planning agency,  metropolitan planning organization or council of governments or designated grant recipient to accelerate a transportation project,  the agreement may provide that the political subdivision may advance to the department monies needed for the transportation project. The agreement may also provide for the department's repayment of the advanced monies to the political subdivision with interest at a specified rate. The political subdivision may make an advance from any available monies. Any advance constitutes an eligible investment for sinking funds or other funds of the political subdivision.
D. The department's repayment as described in subsection C of this section shall be made from monies available to the department for the transportation project pursuant to the mutually agreed on repayment schedule. An advance,  together with interest on the advance,  may be repaid by the department from any lawfully available monies.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7681 - Definitions

28-7681.
Definitions
In this article,  unless the context otherwise requires:
1. " 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.
2. " 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.
3. " Highway project advance agreement"  means a written agreement entered into in accordance with section 28-7677 and either section 9-500.17 or 11-269.03 between the department and a political subdivision under which the department receives an advance payment from a political subdivision to accelerate right-of-way acquisition for,  or design or construction of,  a highway project and under which the department repays the advance with interest,  if any,  at an agreed on rate.
4. " 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.
5. " Highway project advancement notes"  means notes authorized by this article.
6. " Political subdivision"  means a county,  city or town.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7682 - Highway project advancement notes; pledge of excise taxes

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.
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.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7683 - Limitations

28-7683.
Limitations
A. The aggregate outstanding principal amount of highway project advancement notes issued by a political subdivision and secured by highway project advance revenues shall not be more than the aggregate of all uncollected highway project advance revenues to be received by the political subdivision under highway 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 highway project advance revenues.
B. Highway project advancement notes shall have terms of fifteen years or less.
C. A political subdivision shall not have outstanding at any one time more than three hundred million dollars aggregate principal amount of highway project advancement notes.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7684 - Application of revenues; highway project advancement notes fund; payment of notes

28-7684.
Application of revenues;  highway project advancement notes fund;  payment of notes
A. After issuance of highway project advancement notes,  revenues the political subdivision receives under the applicable highway project advance agreement shall be collected and,  as provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes,  shall be either:
1. Paid into a special fund to be known as the highway project advancement notes fund.
2. Applied to reimburse the political subdivision for monies previously advanced to the department under the highway project advance agreement to which the highway project advancement notes relate.
B. If any highway project advancement notes are outstanding,  the political subdivision shall only use the monies paid into the highway project advancement notes fund for those highway project advancement notes to pay principal,  interest and premium,  if any,  on those highway project advancement notes.
C. Notwithstanding any other law,  if the highway project advancement notes provide for such payment,  this article authorizes the payment from the monies in the highway project advancement notes fund,  when due or on redemption in advance of maturity,  of all principal,  interest and redemption premiums on the notes.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7685 - Use of proceeds

28-7685.
Use of proceeds
A political subdivision shall use the proceeds from the sale of highway project advancement notes for payment of any of the following:
1. Advances to the department under the highway project advance agreement to which the highway project advancement notes relate.
2. Legal and financial costs and expenses incurred in issuing and administering the notes.
3. Reimbursement of the political subdivision for monies previously advanced to the department under the highway project advance agreement to which the highway project advancement notes relate.
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 were or are applied to the financing of the highway project to which the highway project advance agreement relates.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7687 - Nature of highway project advancement notes; limited obligation

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.
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.
2023 Arizona Revised Statutes › Title 28 - Transportation › § 28-7691 - Definitions

28-7691.
Definitions
In this article,  unless the context otherwise requires:
1. " Excise taxes"  means all unrestricted excise,  transaction,  franchise,  privilege and business taxes,  state shared transaction privilege and income taxes,  fees for licenses and permits and state revenue sharing that are levied and paid by a political subdivision or contributed,  levied or paid to the political subdivision and not earmarked by the contributor or the political subdivision for a contrary or inconsistent purpose.
2. " 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.
3. " 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.
4. " Transportation project advance agreement"  means a written agreement,  entered into in accordance with section 28-7677 and section 9-500.17,  11-269.03 or 48-5122,  between one or more political subdivisions and the department,  a regional planning agency,  metropolitan planning organization or council of governments or a designated grant recipient under which the political subdivision advances monies to the department,  the regional planning agency,  metropolitan planning organization or council of governments or the designated grant recipient to accelerate a transportation project and under which the recipient of the advanced monies repays the advance.
5. " 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.
6. " Transportation project advancement notes"  means notes authorized by this article.