40-613. Transition bonds; public debt prohibition; applicant; cooperative
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/az/title-40/40-613A 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, nor a pledge of the faith and credit or taxing power of this state or of any county, municipality, or other local government unit of this state. The approval of a financing order 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. Holders of transition bonds or owners of transition property do not have a right to have taxes levied by this state or the taxing authority of any county, municipality or political subdivision of this state for the payment of the principal of, interest on or premium on transition bonds.
B. Transition bonds are not an obligation of an applicant or a pledge of the assets of an applicant. Approval is not required under section 40-302, or any other provision of law, for the approval of a financing order, for the issuance of transition bonds, or for a sale, assignment or transfer of transition property or an interest in transition property authorized by this chapter. Notwithstanding any other law, a customer that is a cooperative is authorized to include the costs of paying financing charges in the costs it is authorized to recover from persons who use the cooperative's services.