A.R.S. § 48-3167: Agreement by board to guarantee payment of converted liens

The board of directors may enter into an agreement guaranteeing payment of the principal, any installment thereof, and interest thereon of converted liens as a district obligation. The agreement shall be in such form and tenor as may be approved by a two-thirds vote of the board of directors, and when so approved and executed shall thereafter be binding upon the district and irrevocable without consent of the parties thereto.