Arizona § 28-7515 Bond obligations of the board

Arizona Statutes

§ 28-7515 — Bond obligations of the board

Arizona·Title 28 Arizona Revised Statutes·Ch. 21 STATE HIGHWAY FINANCING AND BONDING·Art. 1 State Highway Fund Bonds

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.

Arizona § 28-7515 (Bond obligations of the board) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.