Arizona Laws 48-5352. Bond obligations of the board
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Bonds issued pursuant to this article:
Terms Used In Arizona Laws 48-5352
- 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
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 or the county.
4. Are not a legal debt of this state or of the county.
5. Are not enforceable against this state or that county out of any monies other than the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.