Arizona § 28-7515 Bond obligations of the board

Arizona Statutes

§ 28-7515 — Bond obligations of the board

Arizona § 28-7515

Title 28Arizona Revised Statutes

Ch. 21STATE HIGHWAY FINANCING AND BONDING

Art. 1State Highway Fund Bonds

This text of Arizona § 28-7515 (Bond obligations of the board) 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. § 28-7515 (2026).

Text

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 department 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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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 department other than the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.