Arizona Revised Statutes § 48-5174 Bond Obligations Of The Board

48-5174. Bond obligations of the board

A. Bonds issued pursuant to this article:

1. Are obligations of the board issuing the bonds.

2. Are payable only pursuant to the terms of the bonds.

3. Are not obligations that are general, special or otherwise of this state.

4. Are not a legal debt of this state.

5. Are not enforceable against this state.

B. Payment of the bonds issued pursuant to this article is not enforceable out of any monies 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 the bonds.

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Last modified: October 13, 2016