Arizona Revised Statutes Title 48. Special Taxing Districts § 48-2775. Sale of refunding bonds; disposition of proceeds

A. When the refunding bonds are issued the board may sell them to the highest bidder from time to time in such quantities as may be necessary and most advantageous to raise money to pay the bonds, coupons or other evidences of indebtedness of the district outstanding at the time of the filing of the petition for the issuance of the refunding bonds and described therein. Resolution of intention to sell the refunding bonds shall be declared and notice given, and the sale conducted in the manner prescribed in § 48-2757. The bonds shall in no event be sold for less than ninety-five per cent of their par value including accrued interest.

B. All money realized from the sale of the refunding bonds shall be paid to the district treasurer who shall deposit the money in the refunding fund. Such money shall be applied exclusively to the payment of bonds, coupons or other evidences of indebtedness of the district outstanding at the time of the filing of the petition and described therein.