Arizona Revised Statutes § 28-7656 Interest Fund; Redemption Fund

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.

Section: Previous  28-7616  28-7617  28-7651  28-7652  28-7653  28-7654  28-7655  28-7656  28-7657  28-7658  28-7659  28-7671  28-7673  28-7674  28-7675  Next

Last modified: October 13, 2016