Arizona Revised Statutes § 48-3219.01 Sale Of Bonds

48-3219.01. Sale of bonds

A. Bonds shall be sold at public or private sale, as the board of directors may determine.

B. If the board of directors determines to sell such bonds at public sale, notice of the sale shall be given by publication for at least three days in a newspaper of general circulation in the county in which the office of the board of directors is located, and in such other newspaper 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 or reject any or all bids. The board, by the resolution and notice, may require a deposit or certified check as an evidence of good faith to accompany each bid for the bonds. The bonds may be sold at such price or prices as the board may determine.

D. The district secretary shall keep a record of the bonds sold, their number, the date of sale, the price received and the name of the purchaser or purchasers.

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Last modified: October 13, 2016