Arizona Revised Statutes § 48-154 Bonds Payable Only From Revenue Pledged; Bonds Not District Indebtedness

48-154. Bonds payable only from revenue pledged; bonds not district indebtedness

No holder of any bonds issued under this article shall have the right to compel any exercise of the taxing power of the district to pay the bonds or the interest thereon. Each bond issued under this article shall recite in substance that the payment of the bond and the interest thereon is enforceable exclusively from the revenue pledged to its payment. Bonds issued under this article by the district shall not be a debt of the district, nor shall payment thereof be enforceable out of any funds other than the revenue pledged to the payment thereof.

Section: Previous  48-147  48-148  48-149  48-150  48-151  48-152  48-153  48-154  48-155  48-171  48-172  48-173  48-174  48-175  48-176  Next

Last modified: October 13, 2016