48-2795 - Arizona Statutes

48-2795. Election to reduce bonded indebtedness; notice and conduct of election A. Notice of the election to reduce the bonded indebtedness of the district shall be given in the same manner as provided for calling special elections for issuance of bonds. The notice of election shall state the amount of the authorized bonded indebtedness of the district, the amount to which it is proposed to reduce such indebtedness, the date on which the election will be held, and the location of the polling place or places as established by the board of directors. B. The ballots at the election shall contain the words, "for reducing bonds - -yes" and "for reducing bonds - -no". When the vote is canvassed by the board of directors and the result is entered on the minutes of the board, if a majority of the votes cast is found to be "for reducing bonds - -yes", the board may issue or sell only the amount of bonds specified in the notice of the special election. If a majority of the votes is "for reducing bonds - -no," the authority to issue bonds shall remain the same as before the special election was held.