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.
48-2775 - Sale of refunding bonds; disposition of proceeds
48-2775. Sale of refunding bonds; disposition of proceeds
A. When the refunding bonds are issued the board may sell them to the highest bidder from time to time in such quantities as may be necessary and most advantageous to raise money to pay the bonds, coupons or other evidences of indebtedness of the district outstanding at the time of the filing of the petition for the issuance of the refunding bonds and described therein. Resolution of intention to sell the refunding bonds shall be declared and notice given, and the sale conducted in the manner prescribed in section 48-2757. The bonds shall in no event be sold for less than ninety-five per cent of their par value including accrued interest.
B. All money realized from the sale of the refunding bonds shall be paid to the district treasurer who shall deposit the money in the refunding fund. Such money shall be applied exclusively to the payment of bonds, coupons or other evidences of indebtedness of the district outstanding at the time of the filing of the petition and described therein.