28-8532 - Arizona Statutes

28-8532. Bond terms A. With respect to bonds issued pursuant to this article, the board of directors of the joint powers airport authority shall: 1. Prescribe the denominations of the bonds, the size of each issue and the form of the bonds. 2. Establish the maturities, interest payment dates and interest rates, whether fixed or variable, not exceeding the maximum rate stated in the resolution of the board of directors of the airport authority. B. The bonds may contain terms, conditions, covenants and agreements as the board of directors of the airport authority deems proper. C. The bonds may be sold by competitive bid or negotiated sale for public or private offering at, below or above par. If the bonds are sold below par, the aggregate amount of discount and interest to be paid on the bonds shall not exceed the amount of interest that would have been payable on those bonds pursuant to the maturity schedule prescribed by the board of directors of the airport authority at the maximum rate provided in the bond resolution. D. The proceeds of sales shall be deposited with the treasurer or with a trustee or agent designated by the board of directors of the airport authority to the credit of the airport authority to be withdrawn for the purposes provided by this article. Pending that use, the proceeds may be invested as determined by the airport authority.