48-653 - Arizona Statutes

48-653. Amount of refunding issue; time and method of redemption A. The amount for which the refunding bonds shall be issued may include the total amount remaining due on the principal of the original issue and all interest delinquencies existing at the time of the adoption of the resolution for refunding. The refunding bonds shall be payable in equal annual installments either the same or twice as many as the number of installments remaining unpaid on the original bonds, but the time of payment of the installments of principal may be postponed so that the first annual installment shall be payable not more than five years after the date of the resolution of intention for the refunding bonds. The rate of interest of the refunding bonds may be less but shall not exceed the rate of interest on the original bonds. B. Any or all of the refunding bonds shall be callable at par on any interest payment date by thirty days notice prior thereto, mailed to the persons who presented the last interest coupon that was collected on the refunding bond, and thereafter the bonds shall cease to bear interest. If a part of the bonds are called, only the earlier maturities shall be called first.