Ariz. Rev. Stat. § 11-276
When, after setting aside the amount required to pay the interest maturing before the next levy, the debt service fund is sufficient to redeem one or more bonds, the treasurer shall notify the bond owners in writing that he is prepared to pay them, with the accrued interest, and that if not presented for payment or redemption within forty days after the date of the service or mailing of the notice, the interest on the bond shall cease. If the bonds are not so presented, interest shall cease and the amount due shall be set aside for its payment when presented. Payment of bonds shall be made in the order of their issuance, beginning at the lowest number. The notice required by this section shall be directed to the address of the owner as shown by the record.
A.R.S. § 11-276