The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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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.
17-285 - Bonds as legal investments; state nonliability
17-285. Bonds as legal investments; state nonliability
A. Bonds issued under this article are legal investments for all banks, trust companies and insurance companies organized and operating under the laws of this state.
B. The bonds and interest on the bonds shall be paid solely according to their terms and are not obligations general, special or otherwise of this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. The commission is not in any event liable for the payment of the principal of or interest on the bonds from any source of revenues other than those pledged for the payment of the bonds. The bonds shall not be construed to constitute an indebtedness of the commission within the meaning of any constitutional or statutory provision.