A. Bonds issued under this article and bearing the signature of officers in office on the date of the signing thereof are valid and binding obligations, notwithstanding that, before delivery and payment thereof, any of the persons whose signatures appear thereon have ceased to be officers of the district issuing the bonds.

Terms Used In Arizona Laws 48-3219.04

  • Bonds: means revenue bonds and includes notes if applicable. See Arizona Laws 48-3212
  • Dependent: A person dependent for support upon another.
  • Undertaking: means for the purpose of this article the purchase, construction, leasing or acquisition of any real or personal property, works or facilities which the district is authorized by law to purchase, construct, lease or otherwise acquire, or the improvement, reconstruction, extension or addition to any real or personal property, works or facilities owned or operated by the district, or any program of development involving real or personal property, works or facilities which the district is authorized by law to purchase, construct, lease or otherwise acquire or the improvement, reconstruction, extension or addition to such program, but does not include the acquisition by the exercise of the right of eminent domain or condemnation of any existing electrical works or electrical facilities. See Arizona Laws 48-3212

B. The validity of the bonds are not dependent on nor affected by the validity or regularity of any proceedings relating to the construction, improvement, reconstruction, acquisition or extension of the undertaking financed by the bonds or acquired in connection therewith.

C. No member of the board of directors or officer of the district issuing bonds is liable personally on such bonds.

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