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.
A district, at any time after the issuance of bonds is authorized, may borrow money for the purposes for which such bonds are to be issued in anticipation of the receipt of the proceeds of the sale of such bonds and within the authorized maximum amount of such bond issue. Bond anticipation notes shall be issued for all monies so borrowed under this section. Such notes may be issued for a period not exceeding one year and may be renewed from time to time for periods of not exceeding one year, but each such note, including renewals, shall mature and be paid not later than the fifth anniversary of the date the original note was issued. Such notes shall be authorized by resolution of the board and shall be in such denomination or denominations, shall bear interest at such rate or rates approved by the board of directors, shall be in such form and shall be executed in such manner, all as the board of directors shall prescribe. Such notes shall be sold at public or private sale or, if such notes are renewal notes, they may be exchanged for notes then outstanding on such terms as the board shall determine.