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.
15-1030 - Cancellation of unsold bonds; notice; hearing
15-1030. Cancellation of unsold bonds; notice; hearing
A. If a bond issue remains unsold for six months after being offered for sale, the governing board of the school district or any school district comprised wholly or partly of territory which at the time of holding the bond election was within the school district may cancel the unsold bonds.
B. The school district governing board shall fix a time for a hearing on the proposed cancellation of the unsold bonds. The school district governing board shall give notice of the time and place of the hearing which shall set forth in general terms the object of the hearing. The notice shall be published for ten days prior to the day of hearing in some newspaper published in the school district. If no newspaper is published in the school district, the notice shall be published in a newspaper published at the county seat of the county in which the school district or some part thereof is located.
C. At the time and place designated in the notice the school district governing board shall hear reasons for or against granting the proposed cancellation of the unsold bonds, and if the board deems it for the best interests of the school district that the unsold bonds be canceled it shall enter an order canceling the unsold bonds, and thereupon the bonds and the vote by which they were authorized to be issued shall be void.