Arizona § 15-1488 Bonds obligations issued for and on behalf of institutions

Arizona Statutes

§ 15-1488 — Bonds obligations issued for and on behalf of institutions

Arizona § 15-1488

Title 15Arizona Revised Statutes

Ch. 12COMMUNITY COLLEGES

Art. 5Issuance of Bonds for Revenue Producing Buildings

This text of Arizona § 15-1488 (Bonds obligations issued for and on behalf of institutions) 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. § 15-1488 (2026).

Text

All bonds issued pursuant to this article shall be obligations issued by the board for and on behalf of the institution payable only in accordance with the terms thereof, and shall not be obligations general, special or otherwise of the state of Arizona. Such bonds shall not constitute a debt, legal or moral, of the state of Arizona, and shall not be enforceable against this state, nor shall payment thereof be enforceable out of any funds of the institution issuing said bonds other than the income and revenue pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds. No institution shall be dissolved until all of the bonds issued by the board for and on behalf of the institution have been paid in full.

Free access — add to your briefcase to read the full text and ask questions with AI

All bonds issued pursuant to this article shall be obligations issued by the board for and on behalf of the institution payable only in accordance with the terms thereof, and shall not be obligations general, special or otherwise of the state of Arizona. Such bonds shall not constitute a debt, legal or moral, of the state of Arizona, and shall not be enforceable against this state, nor shall payment thereof be enforceable out of any funds of the institution issuing said bonds other than the income and revenue pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds. No institution shall be dissolved until all of the bonds issued by the board for and on behalf of the institution have been paid in full.