A. A bond that is issued pursuant to this article 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 of the persons whose signatures appear on the bond have ceased to be officers of the joint powers airport authority.

Terms Used In Arizona Laws 28-8533

  • Board: means the transportation board. See Arizona Laws 28-101
  • 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. A member of the board of directors of the airport authority or officer or employee of the airport authority is not personally liable on the bonds.

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