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.
40-613 - Transition bonds; public debt prohibition; applicant; cooperative
40-613. Transition bonds; public debt prohibition; applicant; cooperative
A. Transition bonds are not a public debt, nor a pledge of the faith and credit or taxing power of this state or of any county, municipality, or other local government unit of this state. The approval of a financing order 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. Holders of transition bonds or owners of transition property do not have a right to have taxes levied by this state or the taxing authority of any county, municipality or political subdivision of this state for the payment of the principal of, interest on or premium on transition bonds.
B. Transition bonds are not an obligation of an applicant or a pledge of the assets of an applicant. Approval is not required under section 40-302, or any other provision of law, for the approval of a financing order, for the issuance of transition bonds, or for a sale, assignment or transfer of transition property or an interest in transition property authorized by this chapter. Notwithstanding any other law, a customer that is a cooperative is authorized to include the costs of paying financing charges in the costs it is authorized to recover from persons who use the cooperative's services.