Arizona Revised Statutes § 40-1136 Bond Obligations Of The Metropolitan Public Transit Authority

40-1136. Bond obligations of the metropolitan public transit authority

All bonds issued pursuant to this article shall be obligations of the authority issuing such bonds, and payable only in accordance with the terms thereof and shall not be obligations general, special or otherwise of the state of Arizona or any county or municipality thereof. Such bonds shall not constitute a legal debt of the state of Arizona or any county or municipality thereof, and shall not be enforceable out of any funds of the authority other than the income and revenue pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds.

Section: Previous  40-1127  40-1128  40-1131  40-1132  40-1133  40-1134  40-1135  40-1136  40-1137  40-1138  40-1139  40-1140  40-1141  40-1142  40-1143  Next

Last modified: October 13, 2016