The amount of such notes secured by grant revenues issued by the issuer shall not exceed the aggregate of all uncollected grant revenues to be received by the governing body under the terms of the applicable grant agreement or agreements.
A.R.S. § 35-466.03
Limitations on issuance of notes
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.