Arizona § 48-5169 - Public transportation bond proceeds fund
Full text of Arizona Arizona Revised Statutes § 48-5169 — Public transportation bond proceeds fund, with citation guidance and answers to common questions.
§ 48-5169. Public transportation bond proceeds fund
A. The public transportation bond proceeds fund is established. After deducting the necessary costs and expenses of the issuance and sale of the bonds, the authority shall promptly transfer the proceeds received from the sale and delivery of the bonds to the fiscal agent for deposit in the public transportation bond proceeds fund. The fiscal agent shall maintain the fund separate and apart from all other funds, except that the authority's treasurer or fiscal agent 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 authority may spend monies in the fund for any public transportation purpose not inconsistent with the resolutions authorizing the bonds.
B. The board may order the investment of monies in the public transportation bond proceeds fund by the fiscal agent in 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 that are authorized by any other agencies of the United States government and that are now authorized for use to secure public deposits or state, county or municipal bonds issued in this state on which the payments of interest have not been deferred.
C. The order directing the fiscal agent to invest the monies shall set forth the approximate time when the proceeds from the sale of the bonds shall be used for the purposes directed in the bond resolution, and the fiscal agent shall invest the proceeds from the sale of the bonds in the securities prescribed in subsection B in such a way as to mature at the specified date.
D. The board shall use the monies or securities in the public transportation bond proceeds fund solely for the purposes set forth 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 fiscal agent to apply all such monies in the fund as necessary to make current all payments then due on the bonds.
E. Title 35, chapter 3, article 7 applies to the bonds and the authority.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 48-5169
What does Arizona Revised Statutes § 48-5169 cover?
Section 48-5169 ("Public transportation bond proceeds fund") 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 § 48-5169?
A common citation format is "Arizona Revised Statutes § 48-5169" (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 § 48-5169 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.