Arizona § 11-1440 - Corporate bonds
Full text of Arizona Arizona Revised Statutes § 11-1440 — Corporate bonds, with citation guidance and answers to common questions.
§ 11-1440. Corporate bonds
A. The nonprofit corporation may issue its corporate bonds in principal amounts as the board of directors determines to be necessary to provide sufficient monies for purposes of the community health system.
B. Bonds issued by the nonprofit corporation:
1. Are entitled to all of the immunities and exemptions afforded bonds of other nonprofit corporations.
2. Are obligations of the nonprofit corporation, and are not in any manner obligations of the sponsoring county or of this state.
3. Do not constitute a legal debt of the sponsoring county or of this state.
4. Are not enforceable against the sponsoring county or this state.
5. Are not enforceable against the county's interest in any health system assets that are leased pursuant to section 11-1432. The county shall not subordinate its lessor interest to any obligee of the nonprofit corporation.
6. Are payable only from the revenues or other assets of the nonprofit corporation that is pledged and assigned to, or in trust for the benefit of, the holder or holders of the bonds.
Frequently Asked Questions About Arizona § 11-1440
What does Arizona Revised Statutes § 11-1440 cover?
Section 11-1440 ("Corporate 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 § 11-1440?
A common citation format is "Arizona Revised Statutes § 11-1440" (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 § 11-1440 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.