48-5341 - Arizona Statutes

48-5341. Bonds payable from transportation excise taxes The board is designated as the body having sole and exclusive power to authorize and issue bonds or incur long-term obligations payable in whole or in part from monies collected from the transportation excise tax authorized pursuant to section 42-6106. The board may: 1. Issue negotiable bonds payable solely from monies paid into the bond account of the regional transportation fund in the principal amount that in the opinion of the board is necessary to provide sufficient monies for any lawful purpose for which the regional transportation fund monies may be spent, to establish reserves to secure the bonds and to provide for the payment of all other expenditures of the board incidental, necessary and convenient to carry out these purposes. 2. Issue refunding bonds if the board deems refunding expedient. 3. Refund any bonds issued by the board and payable from regional transportation fund income as authorized in this article by the issuance of refunding bonds, whether the bonds to be refunded have or have not matured. Proceeds of refunding bonds may be used to pay principal, interest or redemption premiums on refunded bonds. 4. Issue bonds partly to refund bonds then outstanding and partly for any other purpose consistent with this article. Regardless of whether or not the bonds are of such form or character as to be negotiable instruments under the terms of the uniform commercial code, the bonds are fully negotiable within the meaning of and for all purposes of the uniform commercial code.