Arizona Revised Statutes § 48-6273 Issuance And Sale Of Bonds

48-6273. Issuance and sale of bonds

(Conditionally Rpld.)

A. The board shall issue the bonds in the number and amount provided in the resolution. The board shall provide notice of its intention to issue bonds in a manner consistent with market practice.

B. The bonds may be sold by competitive public sale, through an on-line bidding process or at negotiated sale for public or private offering at the price and on the terms prescribed in the resolution. For the purposes of this subsection, " on-line bidding process" means a procurement process in which the board receives bids electronically over the internet in a real-time, competitive bidding event.

C. The amount of bond related expenses paid from net premium associated with a bond issue may not exceed two per cent of the par value of the bond issue. For the purposes of this subsection, " net premium" means the difference between the par amount of the bond issue and the bond issue price determined pursuant to United States treasury regulations.

D. The proceeds from the sale of the bonds shall be deposited in the bond proceeds account established pursuant to section 48-6274.

E. Title 35, chapter 3, article 7 applies to the board and to bonds issued under this article.

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Last modified: October 13, 2016