35-459. Redemption of bonds and coupons

241 words·~1 min read·/az/title-35/35-459

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. When any bonds mature, the county treasurer, when the bonds have been issued by the county, the city or town treasurer, when the bonds have been issued by a city or town, or the fiscal officer of other political subdivisions shall give notice for four weeks in a newspaper published in the county of intention to redeem and the amount of such bonds. The redemption shall be made and all such bonds shall cease to draw interest at the expiration of four weeks after the date of the notice.

If the bonds so called for redemption are not presented within three months from the date of the notice, the treasurer shall apply the money to the redemption of the bonds next in the order of the number of their issue.

B. The interest coupons when due and payable shall be delivered to the treasurer or proper fiscal officer, who shall pay them and write the word "canceled" across the face of the coupons. Such canceled coupons shall be the treasurer's receipt for their payment.

C. When any bonds are redeemed, the treasurer or proper fiscal officer shall in like manner mark them "canceled" on the face of the bonds over his signature, and deliver them to the clerk or secretary of the governing body, taking a receipt for the cancelled bonds. The clerk or secretary shall file the bonds in his office and report the redemptions to the governing body.