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.
DISCLAIMER
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.
A. The nonprofit corporation may issue its corporate bonds in principal amounts as the board of directors determines to be necessary to provide sufficient monies for purposes of the community health system.
B. Bonds issued by the nonprofit corporation:
1. Are entitled to all of the immunities and exemptions afforded bonds of other nonprofit corporations.
2. Are obligations of the nonprofit corporation, and are not in any manner obligations of the sponsoring county or of this state.
3. Do not constitute a legal debt of the sponsoring county or of this state.
4. Are not enforceable against the sponsoring county or this state.
5. Are not enforceable against the county's interest in any health system assets that are leased pursuant to section 11-1432. The county shall not subordinate its lessor interest to any obligee of the nonprofit corporation.
6. Are payable only from the revenues or other assets of the nonprofit corporation that is pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds.