Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1912. Bonds

A. Bonds may be issued by the hospital district for the purpose of carrying out any of the provisions of this article. If the board of directors determines that bonds should be issued, application shall be made to the board of supervisors by the board, and the board of supervisors shall submit to a vote of the real property taxpaying electors residing in the district the question in the manner provided by title 35, chapter 3, article 3,  1 and if the majority of the electors voting on the issue approve, the bonds shall be issued as provided by law. Elections under this subsection must be held on the first Tuesday following the first Monday in November as prescribed by § 16-204, subsection B, paragraph 1, subdivision (d).

B. Any bonds issued under this article may contain a provision requiring the establishment of a reserve or reserves in an amount equal to the requirements of principal and interest payments for the two years during the life of the bonds requiring the largest amount of principal and interest payments, and the district shall maintain the reserve during the life of the bond issue for the purpose of protecting against any deficiency in rental payments or tax collections. If it becomes necessary to withdraw funds from the reserve to protect against any deficiency, the board of directors of the district shall levy a tax on all the taxable property in the district sufficient to maintain the reserve fund in an amount equal to the original amount thereof. In making the levy for the payment of principal and interest for the last year when the bonds mature, the board of directors shall take into consideration the amount of money then in the reserve fund and shall levy an amount sufficient to pay the principal and interest on the bonds, less the amount then in the reserve fund.