Arizona Laws 5-1176. Effect of changing circumstances on bonds; agreement of state
Terms Used In Arizona Laws 5-1176
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Authority: means a sports authority established pursuant to this chapter. See Arizona Laws 5-1101
- Authority board: means the governing board of the sports authority. See Arizona Laws 5-1101
(Conditionally Rpld.)
A. Bonds issued under this article remain valid and binding obligations of the authority notwithstanding that before the delivery of the bonds any person whose signature appears on the bonds ceases to be an officer of the authority.
B. An amendment of any provision in this chapter does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.
C. This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit, alter or impair the rights vested in the authority to receive the monies necessary to fulfill the terms of any agreements made with the holders of the bonds, or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, together with interest on the bonds, interest on any unpaid installments of principal or interest and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders, are fully met and discharged. The authority board, as agent for this state, may include this pledge and undertaking in its resolutions and indentures authorizing and securing its bonds.