Arizona Arizona Revised Statutes

§ 11-681.10 — Characteristics of bonds; negotiable; obligation; legal investments; exemption from taxation

ARS § 11-681.10Title 11. Counties · Ch. 4. FISCAL PROVISIONS · Art. 5. County Judgment Bonds

Statute text

11-681.10. Characteristics of bonds; negotiable; obligation; legal investments; exemption from taxation A. Subject to any registration requirements, the bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial code. B. The bonds, their transfer and the income from the bonds are at all times free from taxation in this state. C. Bonds issued under this article: 1. Are payable only according to their terms. 2. Are obligations of the county, and are not general, special or other obligations of this state. 3. Do not constitute a general obligation debt of this state or of the county. 4. Are not enforceable against this state or the county nor is payment of the bonds enforceable out of any monies other than the revenue pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds. 5. Are government obligation securities suitable for investment by:

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