2005 Arizona Revised Statutes - Revised Statutes §35-473  Limitation on issuance of refunding bonds

A. Notwithstanding the provisions of section 35-426 through section 35-429, or any other provision of law to the contrary, no bonds shall be issued by or on behalf of any county, school district, city or town, or other municipal corporation or political subdivision of the state for the purpose of calling or redeeming outstanding bonds which have not matured or which are not callable for redemption under the express provisions of the proceedings authorizing such bonds, but if the holder or holders of all or any portion of such bonds first consent thereto in writing, refunding bonds may be issued for the purpose of redeeming the bonds held by such consenting holder or holders.

B. Refunding bonds issued in advance of maturity of the bonds to be refunded shall only be issued in the manner set forth in section 35-473.01.