Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1799. Issuance of refunding bonds; terms of bonds

A. The board of directors of a district organized under this chapter may authorize and issue refunding bonds to refund the bonded indebtedness of the district when it deems it expedient to issue such bonds.

B. The board shall adopt a resolution, and enter it upon its minutes, stating briefly the principal facts for determining the necessity and advisability of issuing refunding bonds, the amount of bonds to be issued, the rate of interest on the bonds which shall not exceed the rate of interest on the original issue, the date of the bonds, the denomination thereof, the maturity date which shall not be more than thirty years after the date on which the refunded issue matures, and the places of payment, within or without the state, of the principal and interest.

C. The board may provide that the bonds be serial bonds payable in annual or periodical installments and may reserve the right to call for payment any part or all of the bonds on any interest payment date, and if optional maturity is reserved by the board, it shall be sufficient notice of the exercise of the option if the board enters on the minutes, not less than thirty days before any interest paying date, its determination to call specific bonds, and publish notice thereof, describing by number the bonds to be called, in one issue of a daily or weekly newspaper published in the county in which the greater part of the district lies. The publication shall be completed at least thirty days before the call date and thereafter the bonds called shall cease to bear interest.