Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1045. General obligation bonds

A. At any time after the hearing on formation of the district, the district board, or if before formation, the board of supervisors, may order and call a general obligation bond election to submit to the qualified electors of the district the question of authorizing the district board to issue general obligation bonds of the district to provide monies for any rural road improvements. The election may be combined with the formation election, but must be held on the first Tuesday following the first Monday in November as prescribed by § 16-204, subsection B, paragraph 1, subdivision (d).

B. The district shall not issue bonds which would cause the aggregate principal amount of bonds outstanding to exceed twenty-five per cent of the full cash value of real property in the district on the date of issue.

C. If general obligation bonds are approved at an election, the district board may issue and sell general obligation bonds of the district.

D. The district board may issue and sell general obligation refunding bonds to refund any general obligation bonds of the district. No election on the issuance of such refunding bonds is required.