Arizona Laws 5-541. Effect of changing circumstances of bonds; agreement of state
A. An amendment of any provision of this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.
Terms Used In Arizona Laws 5-541
- 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 any bonds issued pursuant to this article. See Arizona Laws 5-531
- Director: means the director of the department of administration. See Arizona Laws 5-531
B. 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 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 director, as agent for this state, may include this pledge and undertaking in its resolutions and indentures authorizing and securing the bonds.