A. No holder of bonds issued under this article shall have the right to compel any exercise of the taxing power of the municipality to pay the bonds or the interest on such bonds. Each bond issued under this article shall recite in substance that payment of the bond and interest on such bond is enforceable exclusively from the revenue pledged to its payment.

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Terms Used In Arizona Laws 9-536

  • Bond: means any bond issued pursuant to this article, including any tax secured bond. See Arizona Laws 9-521
  • Municipality: means any incorporated city or town. See Arizona Laws 9-521

B. Bonds issued under this article shall not be a debt of the municipality, nor shall payment of such bonds be enforceable out of any funds other than the revenue pledged to the payment of such bonds.

C. This section shall not apply to tax secured bonds issued pursuant to both this article and Title 35, Chapter 3, Article 3.

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