Arizona Revised Statutes § 48-659 Denomination And Date Of Bonds; Payment Of Interest And Principal

48-659. Denomination and date of bonds; payment of interest and principal

A. The refunding bonds shall be of the same denominations as the original bonds, except that an original bond may be divided into two or more refunding bonds, and two or more original bonds may be consolidated into a refunding bond, but original bonds payable at different dates shall not be consolidated, nor shall an original bond be divided into bonds payable at different dates.

B. The bonds shall be dated as of the date of the last interest payment due prior to the passage of the resolution ordering issuance thereof, and shall bear interest therefrom, and shall have semiannual interest coupons attached, the first of which shall be payable on January 1 or July 1, as the case may be, after the date of the bonds.

C. Any interest coupons becoming due and payable before any of the refunding bonds are sold or exchanged shall be cut from the bonds before they are delivered.

D. The due date of the bonds shall be January 1 in the years in which they respectively become due.

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Last modified: October 13, 2016