Arizona § 11-1440 Corporate bonds

Arizona Statutes

§ 11-1440 — Corporate bonds

Arizona § 11-1440

Title 11Arizona Revised Statutes

Ch. 10COMMUNITY HEALTH SYSTEM

Art. 2Operation

This text of Arizona § 11-1440 (Corporate bonds) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 11-1440 (2026).

Text

A.The nonprofit corporation may issue its corporate bonds in principal amounts as the board of directors determines to be necessary to provide sufficient monies for purposes of the community health system.

B.Bonds issued by the nonprofit corporation:

1.Are entitled to all of the immunities and exemptions afforded bonds of other nonprofit corporations.

2.Are obligations of the nonprofit corporation, and are not in any manner obligations of the sponsoring county or of this state.

3.Do not constitute a legal debt of the sponsoring county or of this state.

4.Are not enforceable against the sponsoring county or this state.

5.Are not enforceable against the county's interest in any health system assets that are leased pursuant to section 11-1432. The county shall not subordinate its

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A. The nonprofit corporation may issue its corporate bonds in principal amounts as the board of directors determines to be necessary to provide sufficient monies for purposes of the community health system.

B. Bonds issued by the nonprofit corporation:

1. Are entitled to all of the immunities and exemptions afforded bonds of other nonprofit corporations.

2. Are obligations of the nonprofit corporation, and are not in any manner obligations of the sponsoring county or of this state.

3. Do not constitute a legal debt of the sponsoring county or of this state.

4. Are not enforceable against the sponsoring county or this state.

5. Are not enforceable against the county's interest in any health system assets that are leased pursuant to section 11-1432. The county shall not subordinate its lessor interest to any obligee of the nonprofit corporation.

6. Are payable only from the revenues or other assets of the nonprofit corporation that is pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds.