The board of directors may enter into an agreement guaranteeing payment of the principal, any installment thereof, and interest thereon of converted liens as a district obligation. The agreement shall be in such form and tenor as may be approved by a two-thirds vote of the board of directors, and when so approved and executed shall thereafter be binding upon the district and irrevocable without consent of the parties thereto.
A.R.S. § 48-3167
Agreement by board to guarantee payment of converted liens
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.