Arizona Laws 48-5345
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A. The members of the board or a person executing the bonds is not personally liable for the payment of the bonds.
Terms Used In Arizona Laws 48-5345
- 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
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. The bonds are valid and binding obligations of the board notwithstanding the fact that before the delivery of the bonds any of the officers whose signatures appear on the bonds cease to be officers of the board.
C. From and after the sale and delivery of the bonds, the bonds are incontestable by the board or the county.