Arizona § 28-7568 - Bond proceeds; distribution; expenditures
Full text of Arizona Arizona Revised Statutes § 28-7568 — Bond proceeds; distribution; expenditures, with citation guidance and answers to common questions.
§ 28-7568. Bond proceeds; distribution; expenditures
A. After deducting the necessary costs and expenses of 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 bonds issued pursuant to this article in the bond proceeds account within the regional area road fund pursuant to chapter 17, article 1 of this title. The department 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.
B. The board shall use the bond proceeds solely for the purposes provided in the bond resolution, except that, if the revenues pledged to secure the bonds ever become insufficient to pay the annual principal and interest on the bonds, the board shall order:
1. The liquidation of any permitted investments remaining in the bond proceeds account.
2. The state treasurer to apply all of the receipts as necessary to make current all payments then due on the bonds.
Frequently Asked Questions About Arizona § 28-7568
What does Arizona Revised Statutes § 28-7568 cover?
Section 28-7568 ("Bond proceeds; distribution; expenditures") 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 § 28-7568?
A common citation format is "Arizona Revised Statutes § 28-7568" (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 § 28-7568 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.