41-5814. Effect of changing circumstances on bonds; agreement of state
190 words·~1 min read·
/az/title-41/41-5814A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Bonds issued under this article remain valid and binding obligations of the school district notwithstanding that before the delivery of the bonds any of the persons whose signatures appear on the bonds cease to be officers of the school district.
B. An amendment of any provision of this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.
C. This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit, alter or impair the ability of a school district to qualify for impact aid revenues, or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, together with interest on the bonds, interest on any unpaid installments of principal or 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.
The governing board, as agent for this state, may include this pledge and undertaking in its resolutions and indentures authorizing and securing the bonds.