2017 Arizona Revised Statutes
Title 48 - Special Taxing Districts
§ 48-2756 Terms of bonds; form; interest rate; record of sales

48-2756. Terms of bonds; form; interest rate; record of sales

A. All bonds issued under this chapter shall be payable in legal currency of the United States, and except for the bonds provided for in articles 8 and 11 of this chapter, shall be in ten series as follows:

1. On January 1, after the expiration of eleven years, five per cent of the total number of the bonds.

2. On January 1, after the expiration of twelve years, six per cent.

3. On January 1, after the expiration of thirteen years, seven per cent.

4. On January 1, after the expiration of fourteen years, eight per cent.

5. On January 1, after the expiration of fifteen years, nine per cent.

6. On January 1, after the expiration of sixteen years, ten per cent.

7. On January 1, after the expiration of seventeen years, eleven per cent.

8. On January 1, after the expiration of eighteen years, thirteen per cent.

9. On January 1, after the expiration of nineteen years, fifteen per cent.

10. On January 1, after the expiration of twenty years, sixteen per cent.

B. The several enumerated percentages shall be the entire amount of the issue, but each bond shall be made payable at a given time for its entire amount and not for a percentage.

C. The bonds shall bear interest at the rate or rates set by the accepted bid which shall not exceed the maximum rate of interest set forth in the notice of the election, payable semiannually on January 1 and July 1 each year. The principal and interest shall be payable at the office of the county treasurer of the county in which the office of the board of directors is located.

D. The bonds shall be in denominations of not less than one hundred nor more than one thousand dollars each, shall be negotiable in form, and signed by the president and secretary of the board of directors with the seal of the district affixed thereto. The bonds of each issue shall be numbered consecutively, and shall bear the date of their issue. Coupons for the several installments of interest shall be attached to each bond and shall bear the facsimile signature of the secretary. The bonds shall express on their face that they were signed by the authority of this chapter, and shall state the number of the issue of which the bonds are a part.

E. The secretary shall keep a record of the bonds sold, their number, the date of sale, the price received and the name of the purchaser or purchasers.