Arizona § 28-7653 - Bonds secured by bridge construction revenues; bonds secured by highway improvement revenues

§ 28-7653. Bonds secured by bridge construction revenues; bonds secured by highway improvement revenues

A. If a majority of the members of the county board of supervisors authorizes the issuance of bonds secured by bridge construction revenues by resolution dated before July 1, 1998, the county may issue the bonds so authorized in the manner provided in this article. The bonds secured by bridge construction revenues may be authorized in an aggregate principal amount of not more than five million dollars.

B. If a majority of the members of the county board of supervisors authorizes the issuance of bonds secured by highway improvement revenues by resolution dated before December 31, 2004, the county may issue the bonds so authorized in the manner provided in this article. Bonds secured by highway improvement revenues may be authorized in an aggregate principal amount of not more than five million dollars.

C. All proceeds, revenues, accounting and payments with respect to bonds secured by bridge construction revenues pursuant to this article shall be conducted and maintained separately from those with respect to bonds secured by highway improvement revenues pursuant to this article.

D. Bonds issued pursuant to this article shall not be considered to be a debt of the county or the state within any constitutional or statutory debt limit.

E. When bonds issued pursuant to this article are sold, a schedule shall be filed with the county treasurer showing the amounts of principal and interest to be paid at each principal and interest payment date.

F. The county shall pledge all or any part of the bridge construction revenues to be received and the county's rights in the bridge construction intergovernmental agreement to the payment of an amount of the bonds secured by bridge construction revenues.  The county shall pledge all or any part of the highway improvement revenues to be received and the county's rights in the highway improvement intergovernmental agreement to the payment of an amount of the bonds secured by highway improvement revenues.  The pledges constitute an irrevocable assignment to the officer charged with paying the applicable bonds that is binding on the county.  No notice of the assignment need be filed or recorded and no public notice of any nature is required to make the pledge effective against any person claiming an interest in the bridge construction revenues or highway improvement revenues, as applicable, except a holder of the bonds. On receipt of any payment of bridge construction revenues or highway improvement revenues, the county treasurer shall cause a sufficient portion of the amount received to be deposited in the bridge construction redemption fund and interest fund, or the highway improvement redemption fund or interest fund, established under section 28-7656 pertaining to the applicable bonds.

G. No bridge construction bondholder may claim a preference as to source of payment over any other bridge construction bondholder of the same series.  No highway improvement bondholder may claim a preference as to source of payment over any other highway improvement bondholder of the same series.