Ariz. Rev. Stat. § 48-147

Current through L. 2024, ch. 259

Section 48-147 - Form of bonds

A. Bonds issued under this article shall be fully negotiable within the meaning and for all purposes under the applicable provisions of title 44. They may be in one or more series, bear such dates, be payable in such medium of payment, at such places, carry such registration privileges, be executed in such manner, contain such other terms, covenants and conditions, and be in such form, either couponed or registered, as the board of directors may by resolution prescribe. They shall be payable in equal annual installments, or they shall be of such maturities that the amount required for the payment of interest and principal becoming due thereon each year will be substantially the same, and in either event the final payment shall be due not more than thirty years from the date of issuance, but the first installment may be payable on such date as the board of directors prescribes, not more than two years after the date of issuance. Any or all such bonds shall be callable at such times, on such terms and in such manner as the board of directors by resolution prescribes. The bonds shall bear interest, payable semiannually, at the rate or rates set by the accepted bid which rate shall not exceed the maximum rate of interest set forth in the resolution calling the election, and shall be sold at not less than par to the person making the best bid therefor.

B. The board of directors shall call for bids thereon by giving thirty days notice thereof by publication in a newspaper of general circulation within the county in which the office of the board of directors is located. The notice shall be in such form as prescribed by the board of directors. The bids shall be for the entire bond issue unless the board of directors by resolution allows bidding therefor in parcels of less than the entire issue.

C. Pending the preparation of the definitive bonds, interim receipts or certificates may be issued to the purchasers of the bonds in such form and with such provisions as the board of directors may determine.

A.R.S. § 48-147