Arizona Revised Statutes § 48-3242 Meeting Of Bondholders With Board Of Directors; Selection Of Committee; Voting

48-3242. Meeting of bondholders with board of directors; selection of committee; voting

A. The holders of the bonds shall meet together with the board of directors of the district at the time and place of the meeting provided in the notice thereof, organize and proceed immediately to the selection of a committee, which shall be designated and function as (insert name of irrigation district affected) committee. The committee shall be composed of nine members, three to be selected from and by the vote of holders of bonds present or represented and voting at the meeting, three to be selected by the board of directors of the district from their own number, and the remaining three to be the members of the state certification board. Vacancies in the representatives of the district on the committee shall be filled by the board of directors, and vacancies in the bond representatives by the remaining members of the bondholders' representatives.

B. Each bondholder at all meetings of the bondholders authorized by this article or by the bondholders' agreement shall be entitled to one vote for each one dollar or major fraction thereof of the principal amount of the bonds held by him, certified as provided by this article, by the state treasurer. Votes may be cast in person or by proxy in writing, signed and acknowledged as deeds are required to be acknowledged, by the holder of the bonds, the proxy having first been filed with and approved by the state treasurer. No holder of a bond shall be entitled to vote in person or by proxy unless he has first surrendered to and deposited with the state treasurer the bonds upon which he desires to vote, to be held and dealt with by the state treasurer pursuant to the provisions of the bondholders' agreement and any amendments thereof.

C. Upon the convening of the meeting the state treasurer shall supply the meeting with a certified list of all bonds deposited with him, the names of the holders thereof, proxies approved and the number of votes each holder is entitled to cast in person or by proxy. The majority vote of all holders entitled to vote at the meeting in person or by proxy shall govern.

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Last modified: October 13, 2016