Arizona Revised Statutes Title 35. Public Finances § 35-425. Delivery of bonds

A. When the sale is awarded, the loan commissioners shall procure the necessary bonds, and, after signing the bonds, deliver them to the state treasurer, taking his receipt for the bonds, and charging him therewith. The treasurer shall deliver the bonds to the purchaser for cash, or exchange them for any of the indebtedness for the redemption of which they were issued.

B. Bonds shall not be sold or exchanged for less than their face value and accrued interest at the time of delivery, nor shall any indebtedness be redeemed at more than its face value and accrued interest.

C. The state treasurer shall endorse the time when and the amount for which exchanged upon the face of the paper evidencing the indebtedness received by him in exchange.