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.
A. The bonds provided for in section 35-421 shall be issued as nearly as practicable in denominations of one thousand dollars, but bonds of a lower denomination not less than one hundred dollars may be issued when necessary. The bonds shall bear interest at a rate fixed by the commissioners, not exceeding nine per cent per annum, payable semiannually at the office of the state treasurer or at some bank or trust company in New York City, New York, at the option of the purchaser of the bonds. The principal shall be payable within twenty-five years after the date of issuance of the bonds, and the state shall reserve the right to redeem at par any bonds in their numerical order at any time after fifteen years from the date thereof. The bonds shall bear the date of their issue, state where and to whom payable, the rate of interest, shall be signed by the loan commissioners with the seal of the state affixed, shall be countersigned by the state treasurer and bear his official seal, and shall be registered by the department of administration in a book kept for that purpose which shall disclose the amount the bonds sold for, or if exchanged, for what exchanged.
B. The faith and credit of the state shall be pledged for the payment of the bonds and the interest accruing thereon.