48-2444 - Arizona Statutes

48-2444. Sale of bonds; notice A. The board of directors may sell the bonds from time to time in such amounts as may be necessary and most advantageous to raise the money to carry out the purposes specified in section 48-2441, or to carry out any of the objects and provisions of this chapter. Before making any sale the board shall declare by resolution its intention to sell a specified amount of the bonds, shall fix the day, hour and place of sale, and shall cause the resolution to be entered in the minutes of the board. B. Notice of the sale shall be given by publication thereof for at least ten days in a newspaper published in the county in which the office of the board of directors is located, and in such other newspaper as the board directs. The notice shall state that sealed bids will be received by the board at its office for the purchase of the bonds until the day and hour named in the resolution. C. At the time appointed the board shall meet and open the bids and award the purchase of the bonds to the highest responsible bidder. The board may, by the resolution and notice, require a deposit or certified check as an evidence of good faith to accompany each bid for the bonds. The board may, in its discretion, reject any and all bids. None of the bonds shall be sold for less than ninety-five per cent of the par value thereof.