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2005 Arizona Revised Statutes - Revised Statutes §28-7683  Limitations

A. The aggregate outstanding principal amount of highway project advancement notes issued by a city or town and secured by highway project advance revenues shall not be more than the aggregate of all uncollected highway project advance revenues to be received by the city or town under highway project advance agreements.

B. Highway project advancement notes shall have terms of five years or less.

C. A city or town shall not have outstanding at any one time more than one hundred million dollars aggregate principal amount of highway project advancement notes.

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