Arizona Laws 35-832. Municipality or county not liable
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The municipality or the county shall not in any event be liable for the payment of the principal or interest of any bonds of the corporation or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the corporation, and none of the bonds of the corporation or any of its agreements or obligations shall be construed to constitute an indebtedness of the municipality or county within the meaning of any constitutional or statutory provisions of this state whatsoever.
Terms Used In Arizona Laws 35-832
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means any pollution control corporation incorporated by a municipality or county pursuant to the provisions of this chapter. See Arizona Laws 35-801
- County: means any county in this state in which a corporation may be organized and in which it is contemplated the corporation will function. See Arizona Laws 35-801
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Municipality: means any incorporated city or town, including charter cities, in this state in which a corporation may be organized and in which it is contemplated the corporation will function. See Arizona Laws 35-801
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.