Bonds issued under this article are obligations of the issuing political subdivision, are payable only according to their terms and are not general, special or other obligations of this state. The bonds do not constitute a legal debt of this state and are not enforceable against this state. Payment of the bonds is not enforceable out of any state monies other than the revenue pledged and assigned to, or in trust for the benefit of, the holders of the bonds.
A.R.S. § 35-468.06
Bonds as obligation of political subdivision
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.