41-5815. Validity of bonds; certification by attorney general
266 words·~1 min read·
/az/title-41/41-5815A 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 is not dependent on or affected by the legality of any proceeding relating to the acquisition, construction or improvement of any school district capital project for which the bonds are issued.
C. The governing 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 Arizona Constitution and this article, and if the bonds when delivered and paid for will constitute binding and legal obligations of the school district, the attorney general shall certify in substance that the bonds are issued according to the constitution and laws of this state.
The certificate shall also state that the bonds are also validly secured by the obligation to transfer impact aid revenues to cover any insufficiencies.
D. The bonds shall recite that they are regularly issued pursuant to this article. From and after the sale and delivery of the bonds, they are incontestable by this state or the school district.