Arizona Laws 5-1462. Obligations for the bonds
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Bonds issued under this article:
Terms Used In Arizona Laws 5-1462
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the southern Arizona sports, tourism and film authority. See Arizona Laws 5-1401
- Board: means the board of directors of the authority. See Arizona Laws 5-1401
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 and persons who execute the bonds are not personally liable for the 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.