49-1266. Agreement of state
133 words·~1 min read·
/az/title-49/49-1266A 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 that this state will not limit or alter the rights vested in the water infrastructure finance authority of Arizona or any successor agency to collect the monies necessary to produce sufficient revenue to fulfill the terms of any agreements made with the holders of the bonds, or in any way impair the rights and remedies of the bondholders, until all bonds issued under this article, together with interest, including interest on any unpaid installments of 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 securing its bonds.