Arizona Revised Statutes Title 35. Public Finances § 35-406. Sale of bonds; use of proceeds

A. The tax anticipation bonds shall be sold to the highest bidder that meets the conditions imposed by the loan commissioners, but shall not be sold at less than par.

B. When the issuance and sale of any bonds have been completed, the treasurer shall immediately call in and pay from the proceeds of the sale all state warrants, checks or substitute checks, and electronic funds transfer vouchers that are registered and accumulated at that date, or otherwise the proceeds of the bonds shall be used solely for the purposes for which the taxes on which the bonds are based were levied.