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Arizona Revised Statutes Title 28. Transportation § 28-7656. Interest fund; redemption fund

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 28. Transportation § 28-7656. Interest fund; redemption fund - last updated January 01, 2025 | https://codes.findlaw.com/az/title-28-transportation/az-rev-st-sect-28-7656/

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