Section 5-1162 - Obligation for the bondsBonds issued under this article:
1. Are payable only according to their terms.2. Are obligations of the authority.3. Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of the board of directors and the authority board and persons who execute the bonds are not personally liable for payment of the bonds.4. Do not constitute a debt of this state or of the county or any city or town located in the authority.5. Are not enforceable against this state. Payment of the bonds is enforceable only out of any monies or assets of the authority specifically pledged and assigned to or in trust for the benefit of the holder or holders of the bonds.If a majority of the qualified electors voting on the issue in the first election held pursuant to section 5-1103, Arizona Revised Statutes, as added by this act, reject the levy of taxes and issuance of bonds for the purposes of establishing a sports authority district, title 5, chapter 9, Arizona Revised Statutes, as added by this act, is repealed.