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.
48-2420 - Payment of interest coupons; redemption of unmatured bonds
48-2420. Payment of interest coupons; redemption of unmatured bonds
A. Upon presentation of matured interest coupons to the district treasurer, he shall pay them from the bond fund.
B. When the bond fund amounts to ten thousand dollars in excess of the amount sufficient to meet the matured interest coupons, the board of directors shall direct the district treasurer to pay such an amount of unmatured bonds of the district as the money in the bond fund will redeem, at the lowest value at which they are offered for liquidation, after advertising in the manner provided by section 48-2444 for sealed bids for the redemption of such bonds. The bids shall be opened by the board in open meeting at the time specified in the notice, and the lowest bid for the bonds shall be accepted, but no bond shall be redeemed at a rate above par. If the bids are equal, the lowest numbered bond shall have preference.
C. If none of the holders of such bonds desires to have them redeemed, the money shall be invested by the treasurer under direction of the board of directors in bonds of the United States or of the state. Such bonds shall be kept in the bond fund and may be used to redeem district bonds when the holders thereof so request, either by exchanging them for bonds of the district or by converting them into cash and redeeming the bonds of the district.