Arizona Revised Statutes § 48-3219.04 Validity Of Bonds; Nonliability Of Officers And Directors

48-3219.04. Validity of bonds; nonliability of officers and directors

A. Bonds issued under this article and bearing the signature of officers in office on the date of the signing thereof are valid and binding obligations, notwithstanding that, before delivery and payment thereof, any of the persons whose signatures appear thereon have ceased to be officers of the district issuing the bonds.

B. The validity of the bonds are not dependent on nor affected by the validity or regularity of any proceedings relating to the construction, improvement, reconstruction, acquisition or extension of the undertaking financed by the bonds or acquired in connection therewith.

C. No member of the board of directors or officer of the district issuing bonds is liable personally on such bonds.

Section: Previous  48-3216  48-3217  48-3218  48-3219  48-3219.01  48-3219.02  48-3219.03  48-3219.04  48-3219.05  48-3221  48-3222  48-3226  48-3227  48-3228  48-3241  Next

Last modified: October 13, 2016