48-3752. Terms, conditions and forms of bonds
234 words·~1 min read·
/az/title-48/48-3752A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A bond may be issued in one or more series, bear a date or dates, mature at a time or times, be in a denomination or denominations, be in a form, carry a registration, exchangeability and interchangeability privileges, be executed in a manner, be payable in a medium of payment and at a place or places, within or without this state, be subject to terms of redemption prior to maturity at times with or without premium, be subject to terms of tender by the bondholder prior to maturity at those times, be equally and ratably secured without priority or be entitled or subject to priorities on all or any portion of those revenues and receipts of the district and contain other terms, conditions and covenants as the board provides.
B. A bond shall bear interest at a rate or rates and be payable at a time or times and in a manner as the board determines.
C. A bond is fully negotiable within the meaning of and for all the purposes of the uniform commercial code, subject only to any provisions for registration.
D. The governing body may retain and pay a registrar, paying agent, transfer agent, securities custodian, depositary, authenticating agent, indexing agent, remarketing agent and bond trustee to authenticate and administer the bonds and any collateral agreements. The board may make conditions and requirements respecting the bonds as it deems appropriate.