Arizona § 28-7569 Agreement of state and county

Arizona Statutes

§ 28-7569 — Agreement of state and county

Arizona § 28-7569

Title 28Arizona Revised Statutes

Ch. 21STATE HIGHWAY FINANCING AND BONDING

Art. 2Regional Area Road Fund Bonds

This text of Arizona § 28-7569 (Agreement of state and county) 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. § 28-7569 (2026).

Text

A.This state pledges to and agrees with the holders of the bonds issued under this article that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds, limit or alter the authority of the respective county levying a transportation excise tax in a way that prevents the imposition of sufficient transportation excise taxes to fulfill the terms of any agreements made with the holders of the bonds or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, interest on the bonds, interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged.

B.

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A. This state pledges to and agrees with the holders of the bonds issued under this article that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds, limit or alter the authority of the respective county levying a transportation excise tax in a way that prevents the imposition of sufficient transportation excise taxes to fulfill the terms of any agreements made with the holders of the bonds or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, interest on the bonds, interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged.

B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.

C. A county shall not take any action to lower or terminate any transportation excise tax.