2014 Arizona Revised Statutes
Title 28 - Transportation
§ 28-7617 Nature of grant anticipation notes; limited obligation
28-7617. Nature of grant anticipation notes; limited obligation
A. Grant anticipation notes issued under this article are not general obligations of the department, any public officer or employee of the department or this state.
B. The notes are limited obligations payable solely from grant revenues received by the director and, if provided by the board at the time of authorizing the issuance of the grant anticipation notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes.
C. A holder of a grant anticipation note may not compel the payment of grant revenues to the director.
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