Ariz. Rev. Stat. § 28-7615 – Application of grant revenues; grant anticipation notes fund; payment of notes

A. On the issuance of any grant anticipation notes, the grant revenues to be received by the director pursuant to the applicable grant agreement shall be collected and, as provided by the board at the time of authorizing the issuance of the grant anticipation notes, used for any of the following:
1. 1. Paid into a special fund to be known as the grant anticipation notes fund.
2. 2. Held for application to the payment of the costs of the project to which the grant agreement relates.
3. 3. Applied to reimburse the director for monies previously spent with respect to the project.
B. As long as any grant anticipation notes are outstanding, monies paid into the grant anticipation notes fund pursuant to subsection A shall only be used to pay principal and interest on the grant anticipation notes.
C. Notwithstanding any other law, this article authorizes the payment when due or redemption in advance of maturity, if the notes so provide, of all principal and interest and redemption premiums on the notes from the monies in the grant anticipation notes fund.