A.R.S. § 28-7683: Limitations

A. The aggregate outstanding principal amount of highway project advancement notes issued by a political subdivision 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 political subdivision under highway project advance agreements unless the political subdivision has pledged other monies lawfully available for application to that purpose to cover any amount in excess of the uncollected highway project advance revenues.

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

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