15-2066. Validity of bonds; certification by
attorney general
A. This article constitutes full authority for authorizing and issuing bonds
without reference to any other law of this state. No other law with regard to
authorizing or issuing obligations or that in any way impedes or restricts performing the
acts authorized by this article may be construed to apply to any proceedings taken or
acts done pursuant to this article.
B. The validity of bonds issued under this article does not depend on and is not
affected by the legality of any proceeding relating to any action by the school
facilities board in granting or lending monies or the acquisition, construction or
improvement of any facility paid with monies provided by the board.
C. The school facilities board may submit to the attorney general revenue bonds to
be issued under this article after all proceedings for authorizing the bonds have been
completed. Within fifteen days after submission, the attorney general shall examine the
bonds and pass on the validity of the bonds and the regularity of the proceedings. If
the bonds and proceedings comply with the Constitution of Arizona and this article, and
if the bonds when delivered and paid for will constitute binding and legal obligations of
the board, the attorney general shall certify in substance that the bonds are issued
according to the constitution and laws of this state. The certificate shall also state
that the bonds are also validly secured by the obligation to transfer monies from
designated sources of revenue, including income on the permanent state school fund
established by section 37-521, to cover any insufficiencies.
D. The bonds shall recite that they are regularly issued pursuant to this
article. That recital, together with the certification by the attorney general under
subsection C of this section, constitutes prima facie evidence of the legality and
validity of the bonds. From and after the sale and delivery of the bonds, they are
incontestable by the school facilities board or this state.
|