Arizona § 40-1135 - Prior lien of bonds
Full text of Arizona Arizona Revised Statutes § 40-1135 — Prior lien of bonds, with citation guidance and answers to common questions.
§ 40-1135. Prior lien of bonds
A. Except as otherwise provided in the resolution authorizing the bonds, all bonds of the same issue under this article shall have a prior and paramount lien on the revenues of the authority and its equipment and facilities for which the bonds have been issued over and ahead of bonds of an issue payable from that revenue which may be subsequently authorized, and over and ahead of claims or other obligations of any nature against that revenue subsequently arising or subsequently incurred.
B. Bonds of the same issue issued under this article shall be equally and ratably secured, without priority by reason of number, date, sale, execution or delivery, by a lien on the revenue in accordance with the terms of the resolution authorizing the bonds.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 40-1135
What does Arizona Revised Statutes § 40-1135 cover?
Section 40-1135 ("Prior lien of bonds") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 40-1135?
A common citation format is "Arizona Revised Statutes § 40-1135" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 40-1135 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.