Arizona Revised Statutes Title 35. Public Finances § 35-455. Issuance and sale of bonds; call for election

A. When the political subdivision designated in this article desires to issue bonds or other evidences of indebtedness, the governing body or board thereof, with the assent of a majority of the qualified electors therein voting at the election held as provided by § 35-454, may issue and sell bonds in the amount authorized at the election.

B. The call for the election shall set forth the aggregate amount of the bonds, the maximum rate of interest to be paid thereon, the minimum and maximum number of years bonds of any issue or series may run from their date, the purposes for which the money derived from the sale of the bonds will be expended, the current outstanding general obligation debt and the constitutional debt limitation of the political subdivision.

C. Bonds of any issue or series of bonds voted under this section may run for any number of years not exceeding the longest period permitted by the voted proposition.

D. The governing body or board may expend the monies received from the sale of the bonds only for the purposes stated in the ballot and for the necessary costs and expenses of the issuance and sale of the bonds. If an unexpended balance remains after satisfying the purposes of the bonds, the balance shall be used to retire the bonded indebtedness.