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.
40-810 - Power to borrow money; issuance of notes and bonds; mortgage of property and franchise; sinking fund to redeem bonds
40-810. Power to borrow money; issuance of notes and bonds; mortgage of property and franchise; sinking fund to redeem bonds
A. Railroad companies may borrow amounts of money they deem necessary for constructing and completing railroads and may issue and dispose of bonds or promissory notes therefor, in denominations of not less than one hundred dollars, and at a rate of interest not exceeding ten per cent per annum, in an amount not exceeding their capital stock. They may issue bonds or promissory notes in payment of any debts or contracts for constructing and completing railroads with equipment and other property relative thereto.
B. To secure the payment of the bonds or notes, railroad companies may mortgage their corporate property and franchise.
C. The directors shall provide a sinking fund to be applied to the redemption of bonds on or before their maturity.