Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1911. Leases of hospital or urgent care center and equipment; provisions; cancellation for failure to pay rent; re-lease; auction; notice

A. A lease of the hospital or urgent care center and its equipment, as required under § 48-1910 for districts with bonded indebtedness, executed by the board of directors of the district, shall:

B. If a lessee of the hospital or urgent care center and its equipment fails to make the payment of rental required by the lease, the board of directors of the district, at its option, may cancel the lease for such failure. If the lease is cancelled and if the board is then unable to re-lease the hospital or urgent care center and its equipment to a lessee qualified under the provisions of this article at a rental sufficient to meet the payments of principal and interest on any bonds issued by the district and to provide the amounts necessary to meet expenses of the district, the board shall, at public auction, offer to lease the hospital or urgent care center and its equipment to the highest responsible and qualified bidder for such term as the board prescribes, and shall lease the hospital and its equipment to the bidder who bids the highest rental for the prescribed period.

C. Notice of the auction shall be given in a newspaper as provided by § 48-1902 at least once each week for four weeks immediately preceding the auction.