3-1012. Prior lien of bonds
128 words·~1 min read·
/az/title-3/3-1012A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Except as otherwise provided in the resolution authorizing the bonds, all bonds of the same issue under this article shall have a prior and paramount lien on the revenues of the Arizona coliseum and exposition center and its facilities for which the bonds have been issued over and ahead of bonds of an issue payable from that revenue which may be subsequently authorized, and over and ahead of claims or other obligations of any nature against that revenue subsequently arising or subsequently incurred.
B. Bonds of the same issue issued under this article shall be equally and ratably secured, without priority by reason of number, date, sale, execution or delivery, by a lien on the revenue in accordance with the terms of the resolution authorizing the bonds.