48-2470. Sale of bonds
234 words·~1 min read·
/az/title-48/48-2470A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Bonds shall be sold at public or private sale, as the board of directors may determine.
B. If the board of directors determines to sell such bonds at public sale, notice of the sale shall be given by publication thereof for at least three days in a newspaper published in the county in which the office of the board of directors is located, and in such other newspaper as the board directs. The notice shall state that sealed bids will be received by the board at its office for the purchase of the bonds until the day and hour named in the resolution.
C. At the time appointed, the board shall meet and open the bids and award the purchase of the bonds or reject any or all bids. The board may, by the resolution and notice, require a deposit or certified check as an evidence of good faith to accompany each bid for the bonds. The bonds may be sold at such price or prices as the board may determine.
D. If the board of directors determines to sell such bonds at private sale, such sale shall be subject to prior approval by a majority of the members of the council.
E. The secretary of the district shall keep a record of the bonds sold, their number, the date of sale, the price received and the name of the purchaser or purchasers.