Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1046. Terms of bonds

A. With respect to any bonds, the district board shall prescribe the denominations of the bonds, the size of each issue and the form of the bonds and shall establish the maturities, interest payment dates and interest rates, whether fixed or variable, not exceeding the maximum rate stated in the notice of the election. The bonds may be sold at public or private sales at, below or above par. The proceeds of the sales shall be deposited with the county treasurer as ex officio treasurer of the district, or with a trustee or agent designated by the district board, to the credit of the district to be withdrawn for the purposes provided by this article. The bonds may contain such terms, conditions, covenants and agreements as the board deems proper.

B. In order to secure the payment of the bonds and interest on the bonds the board by resolution may set aside, regulate and dispose of reserve and sinking funds.