Arizona § 40-1135 Prior lien of bonds

Arizona Statutes

§ 40-1135 — Prior lien of bonds

Arizona § 40-1135

Title 40Arizona Revised Statutes

Ch. 6URBAN MASS TRANSPORTATION SYSTEMS

Art. 4Financing for Metropolitan Public Transit Authority

This text of Arizona § 40-1135 (Prior lien of bonds) 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. § 40-1135 (2026).

Text

A.Except as otherwise provided in the resolution authorizing the bonds, all bonds of the same issue under this article shall have a prior and paramount lien on the revenues of the authority and its equipment and facilities for which the bonds have been issued over and ahead of bonds of an issue payable from that revenue which may be subsequently authorized, and over and ahead of claims or other obligations of any nature against that revenue subsequently arising or subsequently incurred.

B.Bonds of the same issue issued under this article shall be equally and ratably secured, without priority by reason of number, date, sale, execution or delivery, by a lien on the revenue in accordance with the terms of the resolution authorizing the bonds.

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A. Except as otherwise provided in the resolution authorizing the bonds, all bonds of the same issue under this article shall have a prior and paramount lien on the revenues of the authority and its equipment and facilities for which the bonds have been issued over and ahead of bonds of an issue payable from that revenue which may be subsequently authorized, and over and ahead of claims or other obligations of any nature against that revenue subsequently arising or subsequently incurred.

B. Bonds of the same issue issued under this article shall be equally and ratably secured, without priority by reason of number, date, sale, execution or delivery, by a lien on the revenue in accordance with the terms of the resolution authorizing the bonds.