Arizona Revised Statutes Title 35. Public Finances § 35-424. Sale of bonds; notice, publication and bids

A. When the loan commissioners are authorized to issue bonds, or decide to refund or redeem all or any of the existing indebtedness of the state, they shall direct the state treasurer to advertise the sale of the bonds to be issued for that purpose by causing a notice of such sale to be published once a week for one month in three newspapers published in the state, no two of which shall be published in the same county, and, in their discretion, in a publication in New York City, New York, and in San Francisco, California. Such notice shall state the amount of bonds to be sold, the place, day and hour of sale, and that bids will be received by the treasurer for the purchase of the bonds within one month from expiration of such publication.

B. At the place and time named in the notice the loan commissioners shall open the bids received by the treasurer and shall award the purchase of the bonds, or any part thereof, to the best bidder.

C. The loan commissioners may reject any and all bids, and may refuse to make an award unless sufficient security is furnished by the bidder insuring compliance with his bid.