Ariz. Rev. Stat. § 9-540
All acts and proceedings taken prior to March 13, 1947 by a municipality under this article, or under color of this article, for the authorization, issuance or sale of revenue bonds for any purpose stated therein, are confirmed, validated and declared legally effective, including all acts and proceedings of the governing body of such municipality and of any person, public officer, board or agency done or taken prior to March 13, 1947 upon the question of the authorization, issuance or sale of such bonds. All bonds authorized to be issued under this article whenever delivered in substantially the form contemplated in such authorization, shall be in the form and manner in which delivered valid, legal and binding obligations of the municipality, payable in accordance with the resolution pertaining to their issuance and secured by the revenues therein pledged and allocated to their payment, and by the covenants and agreements set forth in the resolution authorizing their issuance.
A.R.S. § 9-540