Arizona § 36-1410 - Bonds; issuance; refunding; sources of payment; personal liability; debt limitation

§ 36-1410. Bonds; issuance; refunding; sources of payment; personal liability; debt limitation

A. A public housing authority, city, town or county may issue bonds from time to time to finance in whole or in part the cost of the preparation, acquisition, purchase, lease, construction, reconstruction, improvement, alteration, extension or repair of a project or undertaking authorized by this article. A public housing authority, city, town or county may also issue refunding bonds for the purpose of paying or retiring bonds previously issued by it under authority of this article.

B. In order to carry out the purposes of this article, a public housing authority, city, town or county, on proper resolution, may issue bonds on which the principal and interest are payable:

1. Exclusively from the income and revenues of the housing project financed with the proceeds of the bonds.

2. Exclusively from such income and revenues together with any gifts, grants, bequests or devises from any legal, unencumbered source or grants and contributions from the federal government.

C. Neither the governing body of a public housing authority, city, town or county nor any person executing the bonds shall be liable personally on a bond by reason of the issuance thereof under authority of this article. The bonds and other obligations issued under this article shall be payable solely from the sources provided by subsection B of this section. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

D. A public housing authority shall not issue, sell, advertise or redeem bonds of any kind or take any other action pursuant to this section or sections 36-1411 through 36-1415 without first obtaining the written approval by resolution of the governing body of the city, town or county that controls the acts and existence of that authority.