Arizona Revised Statutes Title 28. Transportation § 28-7010. Transportation acceleration interest reimbursement account

A. The transportation acceleration interest reimbursement account is established as a separate subaccount of the statewide transportation acceleration needs account established by § 28-7009.  The subaccount may include:

B. On notice from the transportation board, the state treasurer shall invest and divest monies, as provided by § 35-313, in the transportation acceleration interest reimbursement account and monies earned from investment shall be credited to the account.

C. The transportation board may establish any subaccount in the transportation acceleration interest reimbursement account that the board determines is necessary or appropriate to carry out the purposes of this section.

D. When a governmental entity deposits monies in the transportation acceleration interest reimbursement account for a specific project and the transportation board approves the project, the board shall designate the monies deposited by the governmental entity solely for the project for which the monies are deposited.

E. The board may approve the reimbursement of interest costs for the acceleration of a transportation project from the transportation acceleration interest reimbursement account and as prescribed in this section.

F. The regional planning agency in a county that is designated as a transportation management area shall establish a process for the review and approval of reimbursement of interest costs from the statewide transportation acceleration needs account.  If the eligibility of the interest costs reimbursement is approved, the project may be considered by the state transportation board with other eligible acceleration projects for statewide transportation acceleration needs account funding.  In all other counties, the department, in cooperation with the metropolitan planning organization or the council of governments that has the authority to approve transportation projects for the county, shall establish a process for the review and approval of reimbursement of interest costs from the statewide transportation acceleration needs account.  If the eligibility of the interest costs reimbursement is approved, the project may be considered by the state transportation board with other eligible acceleration projects for statewide transportation acceleration needs account funding.

G. The board shall review and approve the request as prescribed in § 28-7009, subsections I and J.

H. To be eligible for reimbursement of interest costs pursuant to this section, the interest costs must result from bonds, loans or advances issued to, by or on behalf of a city or county that enters into an agreement with at least one other city or county, the department and the regional planning agency after January 1, 2007 for the acceleration of a transportation project that is contained in the regional transportation plan of a county or the department's long-range statewide transportation plan pursuant to § 28-506.