Arizona Laws 48-5349. Agreement of state and county
A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds, limit or alter the authority of the board levying a transportation excise tax in a way that prevents the imposition of sufficient transportation excise taxes to fulfill the terms of any agreements made with the holders of the bonds, or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, interest on the bonds, interest on any unpaid installments of 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.
Terms Used In Arizona Laws 48-5349
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Authority: means a regional transportation authority organized under this chapter. See Arizona Laws 48-5301
- Board: means the board of directors of a regional transportation authority established pursuant to section 48-5303. See Arizona Laws 48-5301
- County: means a county with a population of less than one million two hundred thousand persons in which a regional transportation authority is established pursuant to section 48-5302. See Arizona Laws 48-5301
B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.
C. A county shall not take any action to lower or terminate any transportation excise tax.