A. Bonds issued pursuant to this article:

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Terms Used In Arizona Laws 28-7515

  • Board: means the transportation board. See Arizona Laws 28-101
  • Bonds: means bonds of the board issued pursuant to this article. See Arizona Laws 28-7501
  • Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
  • State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101

1. Are obligations of the board issuing the bonds.

2. Are payable only pursuant to the terms of the bonds.

3. Are not obligations that are general, special or otherwise of this state.

4. Are not a legal debt of this state.

5. Are not enforceable against this state.

B. Payment of the bonds issued pursuant to this article is not enforceable out of any monies of the department other than the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.

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