Arizona § 41-5763 Effect of changing circumstances on bonds; agreement of state

Arizona Statutes

§ 41-5763 — Effect of changing circumstances on bonds; agreement of state

Arizona·Title 41 Arizona Revised Statutes·Ch. 56 SCHOOL CAPITAL FINANCE·Art. 6 State School Facilities Revenue Bonds

A.Bonds issued under this article remain valid and binding obligations of the board notwithstanding that, before the delivery of the bonds, any of the persons whose signatures appear on the bonds cease to be members of the board.

B.An amendment of any provision of this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.

C.This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit, alter or impair the rights and remedies of the bondholders, until all bonds issued under this article, together with interest on the bonds, interest on any unpaid installments of principal or interest and all costs and expenses in connection with any action or proceedings b

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

A. Bonds issued under this article remain valid and binding obligations of the board notwithstanding that, before the delivery of the bonds, any of the persons whose signatures appear on the bonds cease to be members of the board.

B. An amendment of any provision of this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.

C. This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit, alter or impair the rights and remedies of the bondholders, until all bonds issued under this article, together with interest on the bonds, interest on any unpaid installments of principal or 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. The board, as agent for this state, may include this pledge and undertaking in its resolutions and indentures authorizing and securing the bonds.

Arizona § 41-5763 (Effect of changing circumstances on bonds; agreement of state) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.