5-542. Validity of bonds
147 words·~1 min read·
/az/title-5/5-542A 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 state lottery revenue 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 does not depend on and is not affected by the legality of any proceeding relating to any action relating to application of the proceeds of the bonds.
C. The bonds shall recite that they are regularly issued pursuant to this article. That recital constitutes prima facie evidence of the legality and validity of the bonds. From and after the sale and delivery of the bonds, they are incontestable by the director or this state.