This state pledges to and agrees with the holders of the bonds and other obligations authorized under this article that it will not limit, alter or impair the rights vested in the county stadium district to collect and receive monies, including the taxes and surcharges levied pursuant to article 2 of this chapter or an equivalent source, necessary to produce sufficient revenue to fulfill the terms of any agreements made with the holders of the bonds or other obligations or in any way impair the rights and remedies of the holders of the bonds or obligations, until all bonds and obligations issued and incurred under this article, together with interest, 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 board as agent for this state may include this pledge and undertaking in its resolutions and indentures authorizing and securing its bonds and obligations.

Terms Used In Arizona Laws 48-4255

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Board: means the board of directors of any district established under section 48-4202, subsection A, B or C. See Arizona Laws 48-4201
  • District: means any county stadium district established pursuant to section 48-4202, subsection A, B or C. See Arizona Laws 48-4201
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Stadium: means a sports facility or facilities located in the district and designed to accommodate, but not be limited to, major league baseball events or intercollegiate athletic events. See Arizona Laws 48-4201