48-153. Prior lien of bonds
94 words·~1 min read·
/az/title-48/48-153A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All bonds of the same issue under this article shall have a prior and paramount lien on the revenue of the undertaking for which the bonds have been issued over and ahead of any claims or other obligations of any nature against that revenue subsequently arising or subsequently incurred. All bonds of the same issue under this article shall be equally and ratably secured, without priority by reason of number, date of bonds, sale, execution or delivery, by a lien on the revenue in accordance with the terms of the resolution authorizing the bonds.