Arizona Revised Statutes § 5-877 Validity Of Bonds; Legal Opinion

5-877. Validity of bonds; legal opinion

A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may be construed to apply to any proceedings taken or acts done pursuant to this article.

B. The validity of bonds issued under this article does not depend on and is not affected by the legality of any proceeding relating to the acquisition, construction, improvement, operation or maintenance of a multipurpose facility for which the bonds are issued.

C. The board may submit any bonds to be issued under this article to the attorney general after all proceedings for authorizing the bonds have been completed. On submission the attorney general shall examine and pass on the validity of the bonds and the regularity of the proceedings. If the proceedings comply with this article, and if the bonds when delivered and paid for will constitute binding and legal obligations of the authority, the attorney general shall certify on the back of each bond, in substance, that it is issued according to the constitution and laws of this state and that the interest on the bonds will be exempt from state taxes as provided by law.

D. The bonds shall recite that they are regularly issued pursuant to this article. That recital, together with the legal opinion under subsection C, constitutes prima facie evidence of the legality and validity of the bonds. From and after the sale and delivery of the bonds, they are incontestable by this state or the authority.

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Last modified: October 13, 2016