35-467.04 - Arizona Statutes

35-467.04. Application of revenues, principal and interest redemption fund; payment of notes After the issuance of any revenue anticipation notes all revenues received by the taxing district shall be collected and paid into a special fund to be known as the revenue anticipation note principal and interest redemption fund until such time as monies in the fund are sufficient to pay when due all principal and interest on the notes. All monies in the special fund shall be used to pay principal and interest on the revenue anticipation notes and shall be used for no other purpose. Notwithstanding any other provision of law, this article is the only authority for the payment when due, or for redemption in advance of maturity, of all principal and interest and redemption premiums on the notes from monies in the special fund.