A.R.S. § 35-466.06: Use of proceeds

The proceeds from the sale of the notes shall be paid into the treasury of the issuer and used by the issuer to defray the costs and expenses of the construction or acquisition of the project for which the grant or grants are being made, the legal and financial costs and expenses of issuing and administering the notes and, if desired by the governing body of the issuer, interest to accrue on the notes during their life.