48-4255. Agreement of state
168 words·~1 min read·
/az/title-48/48-4255A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
This state pledges to and agrees with the holders of the bonds and other obligations authorized under this article that it will not limit, alter or impair the rights vested in the county stadium district to collect and receive monies, including the taxes and surcharges levied pursuant to article 2 of this chapter or an equivalent source, necessary to produce sufficient revenue to fulfill the terms of any agreements made with the holders of the bonds or other obligations or in any way impair the rights and remedies of the holders of the bonds or obligations, until all bonds and obligations issued and incurred under this article, together with interest, 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 board as agent for this state may include this pledge and undertaking in its resolutions and indentures authorizing and securing its bonds and obligations.