35-475. Exchange or sale of bonds; record of bonds paid or retired
98 words·~1 min read·
/az/title-35/35-475A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The refunding bonds may be exchanged in like amount for the bonds to be refunded, or they may be sold by the governing board or body at not less than par and accrued interest, and the proceeds applied to the purpose for which the bonds were issued.
B. The governing board or body shall keep a record disclosing the date, number, amount and maturity of each bond, the payments of interest or principal thereon, and its destruction when paid or retired. All bonds paid and retired shall be burned and destroyed by the governing board or body.