Arizona Revised Statutes Title 11. Counties § 11-281. Bond election; industrial pursuits fund

A. The board of supervisors may, and upon petition of fifteen per cent of the property taxpayers of the county who are also qualified electors shall, call an election of the taxpayers to determine whether bonds of the county shall be issued and sold for the purpose of constructing, installing and operating an industrial plant for the manufacture of materials or commodities for use in the construction of public highways or other public works of the county.

B. When the bonds of a county are authorized at the election and are issued and sold, then the county may own or lease and operate the plants for which the bonds were so authorized in any county of the state.

C. The election shall be called and conducted and the results returned and canvassed as in other bond elections conducted by counties. The bonds shall be sold by the board in the same manner as other county bonds.

D. The proceeds shall be placed in a special fund in the county treasury known as the “industrial pursuits fund,” which shall be used only for the purposes for which the bonds were authorized.