# A.R.S. § 30-1009: 30-1009 Transition bonds; irrevocability; public policy; noncompliance > Arizona · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1009 ## Section - **Citation:** A.R.S. § 30-1009 - **Heading:** 30-1009 Transition bonds; irrevocability; public policy; noncompliance - **Jurisdiction:** Arizona - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Arizona Code / Title 30 / Chapter 8 / Article 1 / Section 1009 ## Text 30-1009. Transition bonds; irrevocability; public policy; noncompliance A. On or after the issuance of transition bonds, the transition property, the true-up mechanism and the financing charges are irrevocable, final, nondiscretionary and effective without the need for further action by the governing body or this state, and such financing charges shall not be subject to rescission, alteration, amendment, reduction, impairment or adjustment by further action of this state or any other body, except pursuant to the true-up mechanism. B. This state, including all agencies, public corporations, municipalities or other instrumentalities of this state, pledges to and agrees with the financing parties, including present and future holders of transition bonds, the public power entity, the qualified special purpose entity and any other persons that enter into an ancillary agreement that after the issuance of transition bonds and until all financing costs, including the principal and interest on the transition bonds and all amounts to be paid under an ancillary agreement, are fully met and discharged, this state or any agency, public corporation, municipality or other instrumentality of this state may not take or allow any action to be taken to limit, reduce, alter, impair, delay or terminate any of the following: 1. The rights conferred by this chapter, including the rights in transition property or transition bonds. 2. The imposition of financing charges and unit financing charges by the qualified special purpose entity. 3. The operation of the true-up mechanism to adjust financing charges and unit financing charges. 4. The collection of financing revenues in payment of financing charges and unit financing charges. 5. The payment of financing costs. C. It is the intention of this state that the pledges made under subsection B of this section can and will be relied on by a public power entity, the qualified special purpose entity, other persons that enter into an ancillary agreement and any financing party.  These pledges may be included in transition bonds, ancillary agreements and other documentation related to issuing, rating and marketing the transition bonds. D. On and after the issuance of the transition bonds, the failure of a public power entity or a qualified special purpose entity to comply with this chapter or the financing resolution does not invalidate, impair or affect the financing resolution, the transition property, financing charges, transition bonds or financing costs. E. A financing resolution, transition property and financing charges are not affected by either of the following: 1. The bankruptcy, reorganization, sale, dissolution or insolvency of the public power entity or the qualified special purpose entity or the successors or assigns of the public power entity or the qualified special purpose entity. 2. The commencement of any proceeding for bankruptcy or the appointment of a receiver as to either the public power entity, the qualified special purpose entity or the successors of the public power entity or the qualified special purpose entity. ## Nearby sections - [A.R.S. § 30-1001 30-1001 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1001.md) - [A.R.S. § 30-1002 30-1002 Statement of public policy](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1002.md) - [A.R.S. § 30-1003 30-1003 Securitization transactions; public meeting; notice; securitization proposal; financing resolution adoption](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1003.md) - [A.R.S. § 30-1004 30-1004 Transition property; property rights; default on transition bonds](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1004.md) - [A.R.S. § 30-1005 30-1005 Transition bonds; issuance; authority of qualified special purpose entity; reimbursement of costs](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1005.md) - [A.R.S. § 30-1006 30-1006 Transition property; security interest; lien; priority](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1006.md) - [A.R.S. § 30-1007 30-1007 Financing charges; true-up mechanism; civil action](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1007.md) - [A.R.S. § 30-1008 30-1008 Public power entity as servicer; transition billing services tariffs; AAA rating](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1008.md) - [A.R.S. § 30-1009 30-1009 Transition bonds; irrevocability; public policy; noncompliance](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1009.md) - [A.R.S. § 30-1010 30-1010 Financing resolution; application for rehearing; judicial review](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1010.md) - [A.R.S. § 30-1011 30-1011 Fees and taxes](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1011.md) - [A.R.S. § 30-1012 30-1012 Transition bonds; public debt prohibition](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1012.md) - [A.R.S. § 30-1013 30-1013 Transition bonds; legal investments](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1013.md) - [A.R.S. § 30-1014 30-1014 Obligations of successor to public power entity](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1014.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AZ_T30_C8_A1_S1009. 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