28-7617. Nature of grant anticipation notes; limited obligation A. Grant anticipation notes issued under this article are not general obligations of the department, any public officer or employee of the department or this state. B. The notes are limited obligations payable solely from grant revenues received by the director and, if provided by the board at the time of authorizing the issuance of the grant anticipation notes, other monies lawfully available for application to that purpose and pledged to the payment of the principal, premium, if any, and interest on the notes. C. A holder of a grant anticipation note may not compel the payment of grant revenues to the director.
‹ Prev All Arizona sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.