48-2020 - Arizona Statutes

48-2020. Bond election; subsequent bond election A. After approval of the survey or plan and report prepared under section 48-2015 the board of directors of the district shall submit to the qualified electors of the district the proposition of incurring bonded indebtedness to obtain funds with which to acquire the property and perform the work set forth by the report. An election under this subsection must be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d). The resolution calling the election shall set forth: 1. The purposes of the proposed indebtedness. 2. A reference to the report for particulars. 3. The amount of the proposed indebtedness. 4. The part of the principal to be paid each year. 5. The maximum rate of interest to be paid. 6. The date of the election. 7. The election precincts, polling places and election officers. B. Notice of the election shall be given and the election shall be held in the manner prescribed by title 16. C. If the proposition of issuing bonds fails to receive the requisite number of votes to authorize issuance of the bonds, the board of directors may call another election on the question of issuing bonds under the terms of this article, either for the same purposes or for any lawful purpose of the district.