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 governing body of the political subdivision shall authorize and issue the bonds, except that the board of supervisors of the county where a school district is located, or the larger portion of a school district, if the district is located in more than one county, shall act as the governing body of the school district solely for the purpose of selling, authorizing and issuing bonds of the school district. The bonds are fully negotiable within the meaning and for all purposes provided by title 47.
B. The bonds may be issued in one or more series, bear such dates, be payable in such medium of payment and at such places, bear such rates of interest, including variable rates, carry such registration privileges and prior redemption provisions, be executed in such manner, contain such other terms, covenants and conditions and be in such form as the governing body of the political subdivision may prescribe. The bonds shall be sold at, above or below par in such manner as the governing body may determine.
C. The portion of the principal of the bonds payable from water transportation revenues shall not be construed to be a debt of the political subdivision.