48-1410 - Arizona Statutes

48-1410. Issuance of bonds A. The board of supervisors shall issue the bonds of the district in the number and amount provided in the proceedings, payable from the road fund of the district, naming the district. The money for redemption of the bonds and payment of interest thereon shall be raised by taxation upon all real property and mobile homes in the district. B. The board of supervisors shall prescribe the form of the bonds and the interest coupons attached thereto, and fix the time, not to exceed twenty years from the date thereof, when the whole or any part of the principal of the bonds shall be payable. The bonds shall bear interest, payable semiannually, at the rate or rates set by the accepted bid which shall not exceed the maximum rate of interest set forth in the resolution calling the election and shall be sold in the manner prescribed by the board of supervisors, but for not less than par. The proceeds of the sale shall be deposited in the county treasury to the credit of the road district, to be withdrawn for the purposes provided by this article as other road district money is drawn.