28-7512. Agreement of state
145 words·~1 min read·
/az/title-28/28-7512A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the rights vested in the board to collect the fees, excises and taxes as may be necessary to produce sufficient revenue to meet the expense of the state highway system and to fulfill the terms of any agreements made with the holders of the bonds or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, interest on the bonds, interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully met and discharged.
B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.