Arizona § 35-466.08 Prohibition against obligating state or political subdivisions; payment from grant revenues

Arizona Statutes

§ 35-466.08 — Prohibition against obligating state or political subdivisions; payment from grant revenues

Arizona § 35-466.08

Title 35Arizona Revised Statutes

Ch. 3PUBLIC INDEBTEDNESS

Art. 3.Grant Anticipation Notes

This text of Arizona § 35-466.08 (Prohibition against obligating state or political subdivisions; payment from grant revenues) 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. § 35-466.08 (2026).

Text

The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall not constitute a debt, legal or moral, of the state or any political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any funds of the state or a political subdivision other than grant revenues which have been paid into a grant anticipation note principal and interest redemption fund established pursuant to section 35-466.04. A holder of a grant anticipation note may not compel the payment of grant revenues to an issuer.

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

The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall not constitute a debt, legal or moral, of the state or any political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any funds of the state or a political subdivision other than grant revenues which have been paid into a grant anticipation note principal and interest redemption fund established pursuant to section 35-466.04. A holder of a grant anticipation note may not compel the payment of grant revenues to an issuer.