30-1012. Transition bonds; public debt prohibition
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/az/title-30/30-1012A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Transition bonds are not a public debt, a lien nor a pledge of the revenues, faith and credit or taxing power of a public power entity, this state or any county, municipality or other local government unit of this state. The approval of a financing resolution does not obligate this state or any county, municipality or political subdivision of this state to levy any tax or make any appropriation for payment of any financing cost, including the principal and interest on transition bonds. This state or a county, municipality or political subdivision of this state may not levy any tax on holders of transition bonds or owners of transition property.
B. Transition bonds are not an obligation, debt, lien or pledge of the assets or revenues of the public power entity. Approval is not required under section 40-302 or any other provision of law for the approval of a financing resolution, for the issuance of transition bonds, for the sale of transition bonds or for an assignment or transfer of transition property or any interest in transition property that is authorized by this chapter.