The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January 2020.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
48-3623 - Authority to issue refunding bonds; procedure; disposition of proceeds
48-3623. Authority to issue refunding bonds; procedure; disposition of proceeds
Any bond issued under this article may be refunded pursuant to resolution adopted by the board of directors in the manner provided in this article for the issuance of other bonds, except that an engineer's report or hearing need not be obtained or held, and it is not necessary to submit the question of the issuance of the refunding bonds at an election. Refunding bonds so authorized may be sold and the proceeds of sale applied to or escrowed for the payment of the bonds to be refunded in such manner as may be provided in the authorizing resolution, or may be delivered in exchange for the bonds to be refunded, or may be in part sold and in part exchanged. No bonds may be refunded under this section unless they either mature or are recallable for redemption under their terms within twelve months from the date of the issuance of the refunding bonds or unless the holders voluntarily surrender them for exchange or payment.