Arizona Revised Statutes Title 41. State Government § 41-5806. Cancellation of unsold impact aid revenue bonds

A. If an impact aid revenue bond issue remains unsold for six months after being offered for sale, the governing board of the school district or any school district comprised wholly or partly of territory that was part of the school district at the time of issuing the bonds may cancel the unsold bonds.

B. The governing board shall fix a time for a hearing on the proposed cancellation of the unsold bonds. The governing board shall give notice of the time, place and subject of the hearing. The notice shall be published for ten days before the hearing in a newspaper of general circulation in the district.

C. At the time and place designated in the notice, the governing board shall hear reasons for or against the proposed cancellation of the unsold bonds, and if the board considers it to be in the school district's best interests, it shall order the unsold bonds to be cancelled and the bonds and the vote by which they were authorized to be issued are void.