Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1793. Bond election; notice; terms of bonds

A. The board of directors, upon complying with §§ 48-1791 and 48-1792, shall as soon as practicable call an election at which shall be submitted to the qualified electors of the district the question of issuing negotiable bonds of the district in an amount necessary to carry out the proposed general purposes of the district. The election must be held on the first Tuesday following the first Monday in November as prescribed by § 16-204, subsection B, paragraph 1, subdivision (d). The bonds, if voted, shall be sold at such times and in such amounts as the board of directors deems advisable, which shall be determined only approximately in the proceedings of the board, and shall so state in the notice of election.

B. The bonds shall run for such length of time as the board of directors decides upon and submits to the electors, but for not more than thirty years, and may provide for optional or progressive maturity in the discretion of the board. Such facts shall be included in the notice of the election. The bonds shall bear interest payable semiannually at the rate or rates set by the accepted bid which shall not exceed the maximum rate set forth in the notice of the election. The bonds may be made payable any place in the United States that is agreeable to the board and the purchasers.