The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
15-1488 - Bonds obligations issued for and on behalf of institutions
15-1488. Bonds obligations issued for and on behalf of institutions
All bonds issued pursuant to this article shall be obligations issued by the board for and on behalf of the institution payable only in accordance with the terms thereof, and shall not be obligations general, special or otherwise of the state of Arizona. Such bonds shall not constitute a debt, legal or moral, of the state of Arizona, and shall not be enforceable against this state, nor shall payment thereof be enforceable out of any funds of the institution issuing said bonds other than the income and revenue pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds. No institution shall be dissolved until all of the bonds issued by the board for and on behalf of the institution have been paid in full.