Arizona Revised Statutes Title 48. Special Taxing Districts § 48-3243. Bondholders' agreement; failure to agree within one year

A. Immediately upon selection the committee shall proceed to formulate a plan to be known as “bondholders' agreement” in respect to the district affected and the continuance of its business and affairs in such manner as to restore its solvency at the earliest practicable date, and shall consider matters affecting its feasibility, including the character of the soil, the water supply, the topography, the productive value of the lands, in units of forty acres each, and the economic costs of and the receipts from agricultural operations, and may survey, or cause to be surveyed, any one or more of these factors.

B. When a plan is agreed upon, it shall be reported to the meeting, which may be adjourned from time to time until the report is received. The report of the committee may be amended by the meeting, and shall be adopted or rejected, separately, by the majority vote of the full board of directors and majority-in-value vote of the bonds represented. In case of disagreement, the negotiations for another basis of agreement may be continued, and the meeting may be adjourned from time to time for a period not to exceed one year from the convening of the meeting. If such meeting is unable to agree upon the bondholders' agreement within such period the meeting shall stand adjourned sine die, and the state treasurer shall return the bonds deposited with him to the respective holders thereof.