Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1795. Returns of election; canvass of returns; issuance and sale of bonds

A. The election officers shall within two days after the election make returns of the vote to the board of directors. The board shall on the fifth day after the election meet at the voting place, or if there is more than one voting place, at the voting place most centrally located in the district, and at two o'clock in the afternoon canvass the returns.

B. If it is found that a majority of the votes cast at the election favor issuance of the bonds, the board shall proceed to issue and sell the bonds in conformity with the provisions of this article and § 35-457, but no bonds shall be sold for less than eighty-five per cent of the face value thereof.

C. The board of directors may, if no satisfactory bids are received at the time of opening the bids, continue to negotiate for the sale of the bonds for sixty days, and if not then sold the board may again advertise and offer the bonds for sale.