The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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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.
48-1795 - Returns of election; canvass of returns; issuance and sale of bonds
48-1795. Returns of election; canvass of returns; issuance and sale of bonds
A. The election officers shall within two days after the election make returns of the vote to the board of directors. The board shall on the fifth day after the election meet at the voting place, or if there is more than one voting place, at the voting place most centrally located in the district, and at two o'clock in the afternoon canvass the returns.
B. If it is found that a majority of the votes cast at the election favor issuance of the bonds, the board shall proceed to issue and sell the bonds in conformity with the provisions of this article and section 35-457, but no bonds shall be sold for less than eighty-five per cent of the face value thereof.
C. The board of directors may, if no satisfactory bids are received at the time of opening the bids, continue to negotiate for the sale of the bonds for sixty days, and if not then sold the board may again advertise and offer the bonds for sale.