Arizona Revised Statutes

Ariz. Rev. Stat. § 9-536 (2026)

Payment of bonds

✓ current as of May 2026

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A. No holder of bonds issued under this article shall have the right to compel any exercise of the taxing power of the municipality to pay the bonds or the interest on such bonds. Each bond issued under this article shall recite in substance that payment of the bond and interest on such bond is enforceable exclusively from the revenue pledged to its payment.

B. Bonds issued under this article shall not be a debt of the municipality, nor shall payment of such bonds be enforceable out of any funds other than the revenue pledged to the payment of such bonds.

C. This section shall not apply to tax secured bonds issued pursuant to both this article and title 35, chapter 3, article 3.

Notes of Decisions

Cited in 1 case, 1973–1973 · leading case: City of Phoenix v. Superior Court, Cty. of Maricopa, 514 P.2d 454 (Ariz. 1973).

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City of Phoenix v. Superior Court, Cty. of Maricopa, 514 P.2d 454 (Ariz. 1973). · cites it 2× “A.R.S. § 9-536. Petitioners argue that a revenue bond financing plan cannot be considered as part of public funds because the proceeds from the sale of revenue bonds are in effect held in trust by the City for the specific project; therefore they are not owned by the City.”

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