48-543. Sale of bonds; disposition of proceeds
108 words·~1 min read·
/az/title-48/48-543A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Improvement bonds issued under this article may be sold to the highest cash bidder, after advertising for bids by publication at least three times in a daily newspaper published and circulated in the city or town, or if there is no daily newspaper, then once in a weekly or semiweekly newspaper so published and circulated.
B. The council may not sell the bonds for less than par. If sold in excess of par the excess shall be paid into the general fund of the city or town. The proceeds of the sale shall be paid into a fund representing the assessments on which the bonds were issued.