Arizona Revised Statutes Title 35. Public Finances § 35-452. Election to authorize indebtedness;  costs

A. The governing body or board of a political subdivision enumerated in § 35-451 may, and upon petition signed by fifteen per cent of the qualified electors shall, order an election by such electors to determine whether such indebtedness shall be authorized.  The election shall be held on the first Tuesday following the first Monday in November as prescribed by § 16-204, subsection B, paragraph 1, subdivision (d).

B. If a majority of the qualified electors voting at the election votes in favor of creating an indebtedness such political subdivision may become so indebted.

C. Bond counsel fees, financial advisory fees, printing costs and paying agent and registrar fees shall be paid from either the amount authorized by the qualified electors of the political subdivision or current operating funds.

D. Bond election expenses shall be paid from current operating funds only.