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.
41-5803 - Issuance and sale of impact aid revenue bonds
41-5803. Issuance and sale of impact aid revenue bonds
A. The governing board shall issue the bonds in the number and amount provided in the resolution.
B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution for at, above or below par.
C. The proceeds of the sale of the bonds shall be deposited in the county treasury to the credit of the school district's impact aid revenue bond building fund. These deposits may be drawn out for the purposes authorized by this article as other school monies are drawn.
D. Revenue bond proceeds shall not be expended for items whose useful life is less than the average life of the bonds issued, except that bond proceeds shall not be expended for items whose useful life is less than five years.