2005 Arizona Revised Statutes - Revised Statutes §48-3244  Submission of bondholders\' agreement to superior court by petition

A. The bondholders' agreement shall empower the committee to execute, and the committee shall be charged with the execution of, the plan contained therein, but no action, except as expressly provided in this article, shall be taken by the committee until the judgment of the superior court entered in the proceedings provided for in section 48-3247 has become final.

B. Immediately upon deposit with the state treasurer, subject to the provisions of the bondholders' agreement and this article, of bonds aggregating at least fifty-one per cent of the principal amount of all bonds of the district then outstanding, for the purpose of obtaining constructive consent of the unknown holders of outstanding bonds of the district and the holders of bonds who have not deposited them with the state treasurer, the board of directors of the district shall, in the name and for and on behalf of the district, file in the superior court in the county in which the office of the district is located a petition in rem, verified by the oath of the president and secretary of the district, which shall set forth the plan embodied in the bondholders' agreement for retiring or refunding the bonds of the district proposed to be retired or refunded. The petition shall recite the percentage in amount of the holders of the bonds to be retired or refunded who have deposited their bonds with the state treasurer, and shall further set forth what steps have been taken to obtain the consent of all known holders of the bonds.