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.
DISCLAIMER
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.
35-473 - Limitation on issuance of refunding bonds
35-473. Limitation on issuance of refunding bonds
A. Notwithstanding the provisions of section 35-426 through section 35-429, or any other provision of law to the contrary, no bonds shall be issued by or on behalf of any county, school district, city or town, or other municipal corporation or political subdivision of the state for the purpose of calling or redeeming outstanding bonds which have not matured or which are not callable for redemption under the express provisions of the proceedings authorizing such bonds, but if the holder or holders of all or any portion of such bonds first consent thereto in writing, refunding bonds may be issued for the purpose of redeeming the bonds held by such consenting holder or holders.
B. Refunding bonds issued in advance of maturity of the bonds to be refunded shall only be issued in the manner set forth in section 35-473.01.