15-1488. Bonds obligations issued for and on
behalf of institutions
All bonds issued pursuant to this article shall be obligations issued by the board
for and on behalf of the institution payable only in accordance with the terms thereof,
and shall not be obligations general, special or otherwise of the state of Arizona. Such
bonds shall not constitute a debt, legal or moral, of the state of Arizona, and shall not
be enforceable against this state, nor shall payment thereof be enforceable out of any
funds of the institution issuing said bonds other than the income and revenue pledged and
assigned to, or in trust for the benefit of, the holder or holders of such bonds. No
institution shall be dissolved until all of the bonds issued by the board for and on
behalf of the institution have been paid in full.
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