Arizona § 5-1162 Obligation for the bonds

Arizona Statutes

§ 5-1162 — Obligation for the bonds

Arizona·Title 5 Arizona Revised Statutes·Ch. 9 SPORTS AUTHORITY DISTRICT·Art. 3 Revenue Bonds

(Conditionally Rpld.) Bonds issued under this article:

1.Are payable only according to their terms.

2.Are obligations of the authority.

3.Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of the board of directors and the authority board and persons who execute the bonds are not personally liable for payment of the bonds.

4.Do not constitute a debt of this state or of the county or any city or town located in the authority.

5.Are not enforceable against this state. Payment of the bonds is enforceable only out of any monies or assets of the authority specifically pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.

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

(Conditionally Rpld.)

Bonds issued under this article:

1. Are payable only according to their terms.

2. Are obligations of the authority.

3. Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of the board of directors and the authority board and persons who execute the bonds are not personally liable for payment of the bonds.

4. Do not constitute a debt of this state or of the county or any city or town located in the authority.

5. Are not enforceable against this state. Payment of the bonds is enforceable only out of any monies or assets of the authority specifically pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.

Arizona § 5-1162 (Obligation for the bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.