Arizona § 28-7615 - Application of grant revenues; grant anticipation notes fund; payment of notes
Full text of Arizona Arizona Revised Statutes § 28-7615 — Application of grant revenues; grant anticipation notes fund; payment of notes, with citation guidance and answers to common questions.
§ 28-7615. Application of grant revenues; grant anticipation notes fund; payment of notes
A. On the issuance of any grant anticipation notes, the grant revenues to be received by the director pursuant to the applicable grant agreement shall be collected and, as provided by the board at the time of authorizing the issuance of the grant anticipation notes, used for any of the following:
1. Paid into a special fund to be known as the grant anticipation notes fund.
2. Held for application to the payment of the costs of the project to which the grant agreement relates.
3. Applied to reimburse the director for monies previously spent with respect to the project.
B. As long as any grant anticipation notes are outstanding, monies paid into the grant anticipation notes fund pursuant to subsection A shall only be used to pay principal and interest on the grant anticipation notes.
C. Notwithstanding any other law, this article authorizes the payment when due or redemption in advance of maturity, if the notes so provide, of all principal and interest and redemption premiums on the notes from the monies in the grant anticipation notes fund.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 28-7615
What does Arizona Revised Statutes § 28-7615 cover?
Section 28-7615 ("Application of grant revenues; grant anticipation notes fund; payment of notes") 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 § 28-7615?
A common citation format is "Arizona Revised Statutes § 28-7615" (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 § 28-7615 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.