30-226. Issuance of bonds; provisions of bonds

A. Bonds issued under this article shall be authorized by resolution of the authority and may be issued in one or more series, shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, not exceeding nine per cent per annum, be in such denomination or denominations and in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, payable in such medium of payment, at such place or places, and subject to such terms of redemption, with or without premium, as such resolution, any trust indenture, or the bonds so issued may provide. Bonds may be sold at public or private sale at premium, discount or par with accrued interest. Notwithstanding any provision of law to the contrary, bonds issued pursuant to this article shall be negotiable. The proceeds of the bond issue shall be controlled and administered solely by the authority as provided in this chapter.

B. The bonds shall provide that:

1. The bond is purchased and taken after a complete disclosure of and with a full knowledge of all the surrounding relevant facts and circumstances and not upon the representation, faith or credit of the state of Arizona or any of its subdivisions.

2. The holder in order to obtain payment may not compel the state or any subdivision thereof to exercise its appropriation or taxing power.

3. The bond does not constitute a debt of the state and is payable only from revenues of the authority.

C. The gross or net revenue of any project or any part thereof may be pledged to secure payment of any series of bonds.