Ariz. Rev. Stat. § 35-466.08
The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall not constitute a debt, legal or moral, of the state or any political subdivision. The payment of the principal and interest on such notes shall not be made from or be enforceable against any funds of the state or a political subdivision other than grant revenues which have been paid into a grant anticipation note principal and interest redemption fund established pursuant to section 35-466.04. A holder of a grant anticipation note may not compel the payment of grant revenues to an issuer.
A.R.S. § 35-466.08