The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
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.
A. A bond may be issued in one or more series, bear a date or dates, mature at a time or times, be in a denomination or denominations, be in a form, carry a registration, exchangeability and interchangeability privileges, be executed in a manner, be payable in a medium of payment and at a place or places, within or without this state, be subject to terms of redemption prior to maturity at times with or without premium, be subject to terms of tender by the bondholder prior to maturity at those times, be equally and ratably secured without priority or be entitled or subject to priorities on all or any portion of those revenues and receipts of the district and contain other terms, conditions and covenants as the board provides.
B. A bond shall bear interest at a rate or rates and be payable at a time or times and in a manner as the board determines.
C. A bond is fully negotiable within the meaning of and for all the purposes of the uniform commercial code, subject only to any provisions for registration.
D. The governing body may retain and pay a registrar, paying agent, transfer agent, securities custodian, depositary, authenticating agent, indexing agent, remarketing agent and bond trustee to authenticate and administer the bonds and any collateral agreements. The board may make conditions and requirements respecting the bonds as it deems appropriate.