Arizona Revised Statutes Title 48. Special Taxing Districts § 48-632. Procedure for investment bond election

A. When the governing body of a municipality at a meeting has determined that the public interest or necessity demands the acquisition, construction or completion of an improvement authorized by articles 1 and 2 of this chapter,  1 it may at that or a subsequent meeting, by a vote of a majority of all its members, order a special election and submit to the qualified electors of the municipality the proposition of issuing the investment bonds.

B. The resolution calling the election shall recite the objects and purposes for which it is proposed to use the proceeds of the bonds, the amount of the principal thereof, the rate of interest to be paid thereon, and shall fix the date on which the special election will be held, the manner of holding the election and manner of voting for or against issuing such bonds.

C. The election, except as otherwise provided in this article, shall be held, and the return thereof made and canvassed and the elector shall possess the qualifications as provided by law for holding bond elections in the municipality.