Arizona § 48-154 Bonds payable only from revenue pledged; bonds not district indebtedness

Arizona Statutes

§ 48-154 — Bonds payable only from revenue pledged; bonds not district indebtedness

Arizona § 48-154

Title 48Arizona Revised Statutes

Ch. 1GENERAL PROVISIONS

Art. 4Issuance of Revenue Bonds by Irrigation and Agricultural Improvement Districts

This text of Arizona § 48-154 (Bonds payable only from revenue pledged; bonds not district indebtedness) 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. § 48-154 (2026).

Text

No holder of any bonds issued under this article shall have the right to compel any exercise of the taxing power of the district to pay the bonds or the interest thereon. Each bond issued under this article shall recite in substance that the payment of the bond and the interest thereon is enforceable exclusively from the revenue pledged to its payment. Bonds issued under this article by the district shall not be a debt of the district, nor shall payment thereof be enforceable out of any funds other than the revenue pledged to the payment thereof.

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No holder of any bonds issued under this article shall have the right to compel any exercise of the taxing power of the district to pay the bonds or the interest thereon. Each bond issued under this article shall recite in substance that the payment of the bond and the interest thereon is enforceable exclusively from the revenue pledged to its payment. Bonds issued under this article by the district shall not be a debt of the district, nor shall payment thereof be enforceable out of any funds other than the revenue pledged to the payment thereof.