48-6672 - Arizona Statutes

48-6672. Obligation for the bonds (Conditionally Rpld. Delayed Rpld.) Bonds issued under this article: 1. Are payable only according to their terms. 2. Are obligations of the district. 3. Are not general, special or other obligations of this state, or of the city or county in which the district is located. The members of the 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 city or county in which the district is located. 5. Are not enforceable against this state. Payment of the bonds is enforceable only out of any monies or assets of the district specifically pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.