Arizona Revised Statutes § 48-1800 Execution Of Refunding Bonds; Interest; Sale Or Exchange Of Bonds; Payment

48-1800. Execution of refunding bonds; interest; sale or exchange of bonds; payment

A. The refunding bonds shall be negotiable in form and shall be signed by the chairman of the board of directors, sealed with the seal of the district, and attested by the district secretary.

B. Levy of taxes or service charges for repayment of the bonds shall be in the same manner as provided for the original issue. The interest shall be payable semiannually and shall be evidenced by semiannual interest coupons attached to the bonds bearing the facsimile signatures of the chairman and secretary of the board, but without seal.

C. The refunding bonds may be exchanged in like amount for bonds to be refunded, or they may be sold by the board of directors at not less than par and accrued interest and the proceeds applied to the purpose for which the bonds were issued. The board shall keep a record showing the date, number, amount and maturity of each bond, the payments of principal and interest thereon and a record of its destruction when paid or retired. Bonds paid shall be burned or destroyed by the board.

D. The board shall have full power and authority in the issuance and sale of refunding bonds in all matters although not provided for in this chapter, and shall make necessary provisions, rules and regulations, fix the times, methods and procedures and take all necessary steps for the issuance, sale and delivery of the bonds.

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Last modified: October 13, 2016