2010 Arizona Revised Statutes
Title 48 - Special Taxing Districts
48-153 Prior lien of bonds
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48-153. Prior lien of bonds All bonds of the same issue under this article shall have a prior and paramount lien on the revenue of the undertaking for which the bonds have been issued over and ahead of any claims or other obligations of any nature against that revenue subsequently arising or subsequently incurred. All bonds of the same issue under this article shall be equally and ratably secured, without priority by reason of number, date of bonds, sale, execution or delivery, by a lien on the revenue in accordance with the terms of the resolution authorizing the bonds. |
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