15-1691. Bonds; obligations of board
All bonds issued pursuant to this article shall be obligations of the board issuing
such bonds, 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 the state, nor shall payment thereof be enforceable out of any funds of the board
or the institution issuing such 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.
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