Arizona § 28-7509
Full text of Arizona Arizona Revised Statutes § 28-7509, with citation guidance and answers to common questions.
§ 28-7509.
A. The highway bond proceeds fund is established. After deducting the necessary fees, charges and expenses incurred in the issuance and sale of the bonds and any amounts necessary to provide for the payment of refunded bonds, the department shall promptly deposit, pursuant to sections 35-146 and 35-147, the proceeds received from the sale and delivery of the bonds for all purposes in the highway bond proceeds fund. The state treasurer shall maintain the fund separate and apart from all other funds, except that the treasurer shall first apply those amounts of the bond proceeds provided in the resolution issuing the bonds to all reserve and sinking funds created in the bond resolution. The department may spend monies in the highway bond proceeds fund for any lawful purpose not inconsistent with the resolution or resolutions authorizing the bonds.
B. The board may order the investment of monies in the highway bond proceeds fund by the state treasurer in any of the following:
1. Obligations issued or guaranteed by the United States or any of the senior debt of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities and any investments authorized by any other agencies of the United States government that are now authorized for use to secure public deposits.
2. State, county or municipal bonds issued in this state on which the payments of interest have not been deferred.
C. The order directing the state treasurer to invest the monies shall set forth the specified time when the proceeds from the sale of the bonds shall be used for the purposes directed in the bond resolution, and the state treasurer shall invest the proceeds from the sale of the bonds in the securities prescribed in subsection B of this section in such a way as to mature at the specified date.
D. The board shall use the monies or securities in the highway bond proceeds fund solely for the purposes provided in the bond resolution, except that, if the revenues pledged to secure the bonds ever are insufficient to pay the annual principal and interest on the bonds, the board shall order:
1. The liquidation of the securities remaining in the fund.
2. The state treasurer to apply all such monies in the fund as necessary to make current all payments then due on the bonds.
Frequently Asked Questions About Arizona § 28-7509
What does Arizona Revised Statutes § 28-7509 cover?
Section 28-7509 is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 28-7509?
A common citation format is "Arizona Revised Statutes § 28-7509" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 28-7509 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.