48-3226. Payment of matured refunding bonds or coupons; cancellation of redeemed bonds
193 words·~1 min read·
/az/title-48/48-3226A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. When any refunding bonds mature the district treasurer shall give notice for four weeks in a newspaper published in the county in which the district is located of the intention to redeem such bonds, stating the amount thereof. The redemption shall thereupon be made and all such bonds shall cease to draw interest at the expiration of four weeks after the date of notice. If the bonds called for redemption are not presented within three months from the date of notice, the treasurer shall apply the money to the redemption of 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 who shall pay the interest and write the word "cancelled" across the face thereof, which shall be the treasurer's receipt for their payment. When any bonds are redeemed the treasurer shall in like manner mark them "cancelled" on the face thereof, over his signature, and deliver them to the secretary of the district, taking his receipt therefor, and the secretary shall file them in his office and report that they have been filed to the directors.