15-2115. 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 is not dependent on or affected
by the legality of any proceeding relating to the acquisition, construction or
improvement of any school district capital project for which the bonds are issued.
C. The governing 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 Arizona Constitution and this article, and if
the bonds when delivered and paid for will constitute binding and legal obligations of
the school district, 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 impact aid
revenues to cover any insufficiencies.
D. The bonds shall recite that they are regularly issued pursuant to this article.
From and after the sale and delivery of the bonds, they are incontestable by this state
or the school district.
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