Arizona Revised Statutes § 48-2757 Sale Of Bonds; Notice

48-2757. Sale of bonds; notice

A. The board of directors may sell the bonds from time to time in such quantities as may be necessary and most advantageous to raise money for the purposes specified in section 48-2751, and otherwise to carry out the objects and purposes of this chapter. Before making any sale the board shall declare by resolution its intention to sell a specified amount of the bonds, and shall fix the day, hour and place of sale, and shall cause the resolution to be entered in the minutes of the board.

B. Notice of the sale shall be given by publication thereof for at least ten days in a newspaper published in the county in which the office of the board of directors is located, and in such other newspapers as the board directs. The notice shall state that sealed bids will be received by the board at its office for the purchase of the bonds until the day and hour named in the resolution.

C. At the time appointed the board shall meet and open the bids and award the purchase of the bonds to the highest responsible bidder. The board may, by the resolution and notice, require such deposit or certified check as an evidence of good faith to accompany each bid for the bonds. The board may, in its discretion, reject any and all bids. None of the bonds shall be sold for less than ninety-five per cent of their par value.

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Last modified: October 13, 2016