2016 Arizona Revised Statutes
Title 48 - Special Taxing Districts
§ 48-6678 Lien of pledge
48-6678. Lien of pledge
(Conditionally Rpld. Delayed Rpld.)
A. Any pledge made under this article is valid and binding from the time when the pledge is made.
B. The monies pledged to the holders of the bonds and received by the district for placement in the debt service account are immediately subject to the lien of the pledge without any further act. Any lien of any pledge is valid and binding against all parties who have claims of any kind against the district, regardless of whether the parties have notice of the lien. The official resolution or any instrument by which this pledge is created, when adopted by the board, is notice to all concerned of the creation of the pledge, and those instruments need not be recorded in any other place to perfect the pledge.
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