Arizona Laws 48-3758. Validity of bonds; nonliability of officers and directors
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A. A bond that is issued and that bears the signature of officers in office on the date the bond is signed is a valid and binding obligation, notwithstanding that, before delivery of the bond, any or all of the persons whose signatures appear on the bond have ceased to be officers of the district.
Terms Used In Arizona Laws 48-3758
- Board: means the board of directors of a multi-county water conservation district. See Arizona Laws 48-3701
- District: means a multi-county water conservation district organized under the authority of this chapter. See Arizona Laws 48-3701
- 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.
B. No member of the board or officer or employee of the district is personally liable on the bonds.