The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
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.
A. This state pledges to and agrees with the holders of the bonds issued under this article that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds, limit or alter the authority of the respective county levying a transportation excise tax in a way that prevents the imposition of sufficient transportation excise taxes 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, interest on the bonds, interest on any unpaid installments of 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.
B. The board as agent for this state may include this pledge and undertaking by this state in its resolutions and indentures securing its bonds.
C. A county shall not take any action to lower or terminate any transportation excise tax.