48-1613. Issuance of series bonds; terms of payment; interest rate; denominations

486 words·~2 min read·/az/title-48/48-1613

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

A. The bonds of the district authorized to be issued at an election shall be designated as series bonds, and the series shall be numbered consecutively as authorized. All bonds of each series when issued shall be negotiable and of like force and effect. The bonds shall be payable in money of the United States and shall be due as follows:

1. At the expiration of twenty-one years, not less than five per cent of the whole amount and number of bonds.

2. At the expiration of twenty-two years, not less than six per cent of the whole amount and number of bonds.

3. At the expiration of twenty-three years, not less than seven per cent of the whole amount and number of bonds.

4. At the expiration of twenty-four years, not less than eight per cent of the whole amount and number of bonds.

5. At the expiration of twenty-five years, not less than nine per cent of the whole amount and number of bonds.

6. At the expiration of twenty-six years, not less than ten per cent of the whole amount and number of bonds.

7. At the expiration of twenty-seven years, not less than eleven per cent of the whole amount and number of bonds.

8. At the expiration of twenty-eight years, not less than thirteen per cent of the whole amount and number of bonds.

9. At the expiration of twenty-nine years, not less than fifteen per cent of the whole amount and number of bonds.

10. At the expiration of thirty years, not less than a percentage sufficient to pay the remainder of the bonds.

B. Each bond shall be payable at the time specified for its entire amount and not a percentage thereof. The bonds shall bear interest payable semiannually, at the rate or rates set by the accepted bid which shall not exceed the maximum rate of interest set forth in the notice of election. The principal and interest shall be payable at the office of the county treasurer of the county in which the organization of the district was perfected, or at such other place as the board of directors designates in the bond.

C. The bonds shall each be in a denomination of not less than one hundred nor more than five hundred dollars, shall be negotiable in form, executed in the name of the district, signed by the president and secretary and shall have the seal of the district affixed thereto. The bonds shall be numbered consecutively as issued, and dated at the time of their issue. Coupons for the interest shall be attached to each bond bearing the facsimile signatures of the president and secretary. The bonds shall express on their face that they are issued by authority of this chapter.

D. The secretary shall keep a record of the bonds sold, their number, date of sale, price received and the name of the purchaser.