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.
28-7657 - Pledge of revenues to secure debt instruments
28-7657. Pledge of revenues to secure debt instruments
A. Notwithstanding any other provision of this article, a county that receives bridge construction revenues may pledge, by separate covenant included in the resolution authorizing the issuance of bridge construction revenue bonds under this article or obligations it may incur, future receipts of the revenues to the payment of the bridge construction revenue bonds or to the costs of the bridge. The pledge may be included in the resolution authorizing the issuance of the bonds. The resolution authorizing the issuance of the bonds may also authorize assigning bridge construction revenues to a trustee or paying agent to secure the bonds.
B. Notwithstanding any other provision of this article, a county that receives highway improvement revenues may pledge, by separate covenant included in the resolution authorizing the issuance of highway improvement revenue bonds under this article or obligations it may incur, future receipts of the revenues to the payment of the highway improvement revenue bonds or to the costs of the highway improvements. The pledge may be included in the resolution authorizing the issuance of the bonds. The resolution authorizing the issuance of the bonds may also authorize assigning highway improvement revenues to a trustee or paying agent to secure the bonds.