2010 Arizona Revised Statutes
Title 35 - Public Finances
35-467.08 Prohibition against obligating state or political subdivisions; payment from revenues
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35-467.08. Prohibition against obligating state or political subdivisions; payment from revenues This state or a political subdivision is not liable for the payment of the principal or interest on any revenue anticipation notes. Revenue anticipation notes are not obligations of this state or a political subdivision and do not constitute a debt, legal or moral, of this state or a political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any monies of this state or a political subdivision other than revenues which have been paid into a revenue anticipation note principal and interest redemption fund established pursuant to section 35-467.04. A holder of a revenue anticipation note shall not compel the payment of grant revenues to an issuer. |
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