Ariz. Rev. Stat. § 35-465.02
The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates occurring on or prior to the next July 31 following the end of the fiscal year in which the notes are issued, mature in such amount or amounts, bear interest at such rate or rates, be in such form and be executed in such medium of payment, be payable at such place or places, and be subject to such terms of redemption with or without premium as the resolution of the governing body authorizing the issuance of the notes may provide. The notes may be sold above, at or below par at either public or private sale. The term "public sale" shall include sale by either auction or sealed bid upon such terms, conditions and notice as the governing body may prescribe. The notes shall be fully negotiable for all purposes as set forth in title 47, chapter 3.
A.R.S. § 35-465.02