Arizona Revised Statutes § 48-5349 Agreement Of State And County

48-5349. Agreement of state and county

A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds, limit or alter the authority of the board levying a transportation excise tax in a way that prevents the imposition of sufficient transportation excise taxes to fulfill the terms of any agreements made with the holders of the bonds, or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, interest on the bonds, interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged.

B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.

C. A county shall not take any action to lower or terminate any transportation excise tax.

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Last modified: October 13, 2016