The Arizona Revised Statutes have been updated to include the revised sections from the 57th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 57th Legislature, 2nd Regular Session, which convenes in January 2026.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
30-1012 - Transition bonds; public debt prohibition
30-1012. Transition bonds; public debt prohibition
A. Transition bonds are not a public debt, a lien nor a pledge of the revenues, faith and credit or taxing power of a public power entity, this state or any county, municipality or other local government unit of this state. The approval of a financing resolution does not obligate this state or any county, municipality or political subdivision of this state to levy any tax or make any appropriation for payment of any financing cost, including the principal and interest on transition bonds. This state or a county, municipality or political subdivision of this state may not levy any tax on holders of transition bonds or owners of transition property.
B. Transition bonds are not an obligation, debt, lien or pledge of the assets or revenues of the public power entity. Approval is not required under section 40-302 or any other provision of law for the approval of a financing resolution, for the issuance of transition bonds, for the sale of transition bonds or for an assignment or transfer of transition property or any interest in transition property that is authorized by this chapter.