48-154. Bonds payable only from revenue pledged; bonds not district indebtedness
97 words·~1 min read·
/az/title-48/48-154A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No holder of any bonds issued under this article shall have the right to compel any exercise of the taxing power of the district to pay the bonds or the interest thereon. Each bond issued under this article shall recite in substance that the payment of the bond and the interest thereon is enforceable exclusively from the revenue pledged to its payment. Bonds issued under this article by the district shall not be a debt of the district, nor shall payment thereof be enforceable out of any funds other than the revenue pledged to the payment thereof.