The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
35-428 - Redemption of bonds; notice; record of bonds redeemed
35-428. Redemption of bonds; notice; record of bonds redeemed
A. When, after the expiration of fifteen years from the date of issuance of any bonds, there is in the redemption fund a surplus of ten thousand dollars or more, the state treasurer shall advertise, in the same manner as required for bids for the sale of bonds, stating the amount of money in the redemption fund, and that such amount has been set apart to pay and discharge a certain number of bonds, naming them by number in the order of their issuance. A copy of such advertisement shall be mailed to each bank or trust company at which the interest on the bonds is payable. If the bonds numbered in the advertisements are not presented for payment and cancellation at the expiration of such publication, the fund shall remain in the treasury to discharge the bonds when presented, but such bonds shall draw no interest after expiration of the publication. Before such bonds are paid they shall be presented to the director of the department of administration, who shall endorse on each bond the amount due thereon, and shall write across the face of each bond the date of its surrender and the name of the person surrendering the bond.
B. The director of the department of administration shall keep a record of all bonds issued and disposed of by the state treasurer, showing for each bond the number, rate of interest, date, amount of sale, when, where and to whom payable, and if exchanged, for what, and when presented for redemption the date, amount due thereon, and person surrendering.