The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
28-7615 - Application of grant revenues; grant anticipation notes fund; payment of notes
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.