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.
48-2774 - Terms of refunding bonds; interest rate; form
48-2774. Terms of refunding bonds; interest rate; form
A. The refunding bonds shall be made payable in legal currency of the United States in twenty series, as follows:
1. On January 1, after the expiration of twenty years, five per cent of the whole amount of the bonds issued.
2. On January 1 of each year thereafter, an equal amount of the bonds issued until all have been paid.
B. The bonds shall bear interest at a rate not to exceed six per cent per annum, payable semi-annually on January 1 and July 1 each year. The bonds shall be negotiable in form and shall be of denominations of not less than one hundred nor more than five hundred dollars each. The bonds shall in all respects conform to the form of bonds prescribed in article 7 of this chapter.