2010 Arizona Revised Statutes
Title 9 - Cities and Towns
9-500.17 Acceleration agreements; loan repayment agreements

9-500.17. Acceleration agreements; loan repayment agreements

A. Pursuant to section 28-7677, a city or town may enter into agreements with the department of transportation for the acceleration of right-of-way acquisition, design or construction of an eligible highway project or an eligible transit capital project as defined in section 28-7671 and may advance monies to the department of transportation pursuant to those agreements.

B. A loan repayment agreement as defined in section 28-7671 entered into by a city or town may be paid from and may be secured by a pledge of highway user revenues received by the city or town from this state pursuant to title 28, chapter 18, article 2 and section 42-6107. The pledge may be on a parity with any pledge previously or hereafter made by the city or town pursuant to section 48-690. If a city or town pledges those highway user revenues to a loan repayment agreement, the principal and interest requirements on the loan repayment agreement may be treated as if they were principal and interest on bonds issued under title 48, chapter 4, article 4 for all purposes of sections 48-689 and 48-691.