2011 Arizona Revised Statutes
Title 11 Counties
11-681.11 Effect of changing circumstances on bonds; agreement of state

11-681.11. Effect of changing circumstances on bonds; agreement of state

A. Bonds issued under this article remain valid and binding obligations of the county notwithstanding that before the delivery of the bonds any of the persons whose signatures appear on the bonds cease to be officers of the county.

B. An amendment of any provision in this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.

C. This state pledges to and agrees with the bondholders that this state will not limit, alter or impair the rights vested in the county to collect the monies, including county excise tax revenues under section 42-6112, or an equivalent source, 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 on the bonds, 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 may include this pledge and undertaking in its resolutions and indentures authorizing and securing its bonds.