41-5794. Validity of bonds; certification by attorney general
279 words·~1 min read·
/az/title-41/41-5794A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may be construed to apply to any proceedings taken or acts done pursuant to this article.
B. The validity of bonds issued under this article does not depend on and is not affected by the legality of any proceeding relating to any action by the board in granting or lending monies or the acquisition, construction or improvement of any facility paid with monies provided by the board.
C. The board may submit to the attorney general revenue bonds to be issued under this article after all proceedings for authorizing the bonds have been completed. Within fifteen days after submission, the attorney general shall examine the bonds and pass on the validity of the bonds and the regularity of the proceedings. If the bonds and proceedings comply with the Constitution of Arizona and this article, and if the bonds when delivered and paid for will constitute binding and legal obligations of the board, the attorney general shall certify in substance that the bonds are issued according to the constitution and laws of this state.
D. The bonds shall recite that they are regularly issued pursuant to this article. That recital, together with the certification by the attorney general under subsection C of this section, constitutes prima facie evidence of the legality and validity of the bonds. From and after the sale and delivery of the bonds, they are incontestable by the board or this state.