17-287. Impairment of bondholder rights; prohibition; inclusion in resolutions and indentures
97 words·~1 min read·
/az/title-17/17-287A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. This state shall not limit or alter the rights vested in the commission to collect the surcharges necessary to produce sufficient revenue to fulfill the terms of any agreement made with the bondholders or in any way impair the rights and remedies of bondholders until the terms of all bonds and the costs in connection with any action enforcing the terms of the bonds are fully met and discharged.
B. The commission as agent of this state may include in its resolutions and indentures securing bonds an agreement to abide by the provisions of subsection A.