Arizona Revised Statutes Title 15. Education § 15-1023. Issuance of bonds

A. Upon receipt of the certificate of the appropriate election officer as provided in § 15-493 that a majority of votes cast at the bond election favors issuing the bonds, the school district governing board shall issue the bonds of the school district in the number and amount provided in the proceedings, payable from the debt service fund of the school district, naming the fund, and the monies shall be raised by taxation upon the taxable property in the school district for redemption of the bonds and payment of interest thereon.

B. The governing board of the school district by an order entered upon its minutes shall prescribe the form of the bonds and the interest coupons attached thereto and fix the time when the whole or any part of the principal of the bonds is payable, which shall not be more than twenty years from the date thereof.