2010 Arizona Revised Statutes
Title 28 - Transportation
28-7656 Interest fund; redemption fund
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28-7656. Interest fund; redemption fund A. The treasurer of the county issuing bonds secured by bridge construction revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds bridge construction revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay principal and interest on the bonds. B. The treasurer of the county issuing bonds secured by highway improvement revenues shall establish an interest fund and a redemption fund for paying the bonds. The treasurer shall deposit into the funds highway improvement revenues in amounts sufficient to pay the interest and principal of the bonds as they mature. The funds shall be used solely to pay the principal and interest on the bonds. C. The funds under subsections A and B shall be established and maintained separately and used exclusively for the respective purposes for which they are established. |
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