Arizona Laws 5-1162. Obligation for the bonds
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Terms Used In Arizona Laws 5-1162
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means a sports authority established pursuant to this chapter. See Arizona Laws 5-1101
- Authority board: means the governing board of the sports authority. See Arizona Laws 5-1101
- Board of directors: means the county board of supervisors serving as the board of directors of the district. See Arizona Laws 5-1101
(Conditionally Rpld.)
Bonds issued under this article:
1. Are payable only according to their terms.
2. Are obligations of the authority.
3. Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of the board of directors and the authority board and persons who execute the bonds are not personally liable for payment of the bonds.
4. Do not constitute a debt of this state or of the county or any city or town located in the authority.
5. Are not enforceable against this state. Payment of the bonds is enforceable only out of any monies or assets of the authority specifically pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.