Arizona Laws 48-1065. Effect of changing circumstances on bonds; agreement of state
A. Bonds issued under this article are valid and binding obligations of the district notwithstanding that before the delivery of the bonds any of the persons whose signatures appear on the bonds cease to be officers of the board of directors.
Terms Used In Arizona Laws 48-1065
- 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.
- Bonds: means bonds of the district issued pursuant to this article. See Arizona Laws 48-1061
- District: means a county improvement district that operates or is formed for the purpose of operating a domestic water delivery system or a wastewater system within the district, whether or not the district is governed in the manner described in article 4 of this chapter. See Arizona Laws 48-1061
- Revenues: includes any charge, income or receipt by the district of money or any other thing of value except that revenues shall not include monies paid to or for the account of the district for the levy of any tax or assessment or the sale of any property by the district to satisfy or pay any delinquent tax or assessment. See Arizona Laws 48-1061
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 the holders of such bonds.
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 district to collect the revenues necessary to produce sufficient revenue 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 district, as agent for this state, may include this pledge and undertaking in its resolutions and indentures authorizing and securing its bonds.