Arizona Revised Statutes Title 28. Transportation § 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:

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.