A.R.S. § 48-3758: Validity of bonds; nonliability of officers and directors

A. A bond that is issued and that bears the signature of officers in office on the date the bond is signed is a valid and binding obligation, notwithstanding that, before delivery of the bond, any or all of the persons whose signatures appear on the bond have ceased to be officers of the district.

B. No member of the board or officer or employee of the district is personally liable on the bonds.