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.
DISCLAIMER
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. The board shall issue the bonds in the number and amount provided in the resolution. The board shall provide notice of its intention to issue bonds in a manner consistent with market practice.
B. The bonds may be sold by competitive public sale, through an on-line bidding process or at negotiated sale for public or private offering at the price and on the terms prescribed in the resolution. For the purposes of this subsection, "on-line bidding process" means a procurement process in which the board receives bids electronically over the internet in a real-time, competitive bidding event.
C. The amount of bond related expenses paid from net premium associated with a bond issue may not exceed two per cent of the par value of the bond issue. For the purposes of this subsection, "net premium" means the difference between the par amount of the bond issue and the bond issue price determined pursuant to United States treasury regulations.
D. The proceeds from the sale of the bonds shall be deposited in the bond proceeds account established pursuant to section 48-6274.
E. Title 35, chapter 3, article 7 applies to the board and to bonds issued under this article.