35-426 - Arizona Statutes

35-426. Application of proceeds to redemption of indebtedness; notice to redeem A. The money received by the state treasurer shall be applied by him to the redemption of the indebtedness for the redemption of which the bonds were issued, and the treasurer shall give notice, in the same manner as for the payment and redemption of state warrants, of his readiness to redeem such indebtedness, and thereafter interest on all such indebtedness due and outstanding shall cease. B. Before such indebtedness is paid, the director of the department of administration shall endorse on each certificate the amount due thereon, and write across the face of each the date of its surrender and the name of the person surrendering, and shall keep a record thereof.