17-285. Bonds as legal investments; state nonliability
128 words·~1 min read·
/az/title-17/17-285A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Bonds issued under this article are legal investments for all banks, trust companies and insurance companies organized and operating under the laws of this state.
B. The bonds and interest on the bonds shall be paid solely according to their terms and are not obligations general, special or otherwise of this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. The commission is not in any event liable for the payment of the principal of or interest on the bonds from any source of revenues other than those pledged for the payment of the bonds. The bonds shall not be construed to constitute an indebtedness of the commission within the meaning of any constitutional or statutory provision.