Arizona Revised Statutes Title 28. Transportation § 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:

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.