Arizona Revised Statutes Title 28. Transportation § 28-7692. Transportation project advancement notes; pledge of excise taxes

A. A regional planning agency, metropolitan planning organization or council of governments or a designated grant recipient may enter into a transportation project advance agreement with each other, a political subdivision, the department or a regional public transportation authority established pursuant to § 48-5102. A political subdivision may enter into a transportation project advance agreement pursuant to § 9-500.17, 11-269.03 or 48-5122. The department may enter into a transportation project advance agreement pursuant to § 28-7677. After entering into a transportation project advance agreement, a political subdivision may issue and sell transportation project advancement notes either competitively or by negotiation.

B. The principal, premium, if any, and interest on the transportation project advancement notes shall be paid solely from either of the following:

C. A political subdivision may pledge the revenues and monies described in subsection B of this section, including its excise taxes, to the repayment of principal, premium, if any, and interest on transportation project advancement notes.