48-633. Publication and posting of resolution for bond election; form of bonds; payment and redemption
216 words·~1 min read·
/az/title-48/48-633A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The resolution shall be published as provided by section 39-121 and posted in three public places in the municipality for one week. It shall require the votes of a majority of the qualified voters voting at the special election to authorize the issuance of the bonds.
B. The bonds shall contain necessary provisions as to form and shall be payable in not less than ten nor more than twenty years from the date of their issue to be determined by the governing body at the time of their issuance, and shall be issued in such denominations as the governing body may determine, of not less than one hundred nor more than one thousand dollars. Each bond shall be payable on the day and at the place therein specified with interest at the rate or rates set by the accepted bid which shall not exceed the maximum rate of interest set forth in the resolution calling the election, payable semiannually.
The bonds shall be signed by the mayor and countersigned by the clerk. The coupons of the bonds shall be numbered consecutively and signed by the clerk.
C. The governing body shall provide by tax levies or otherwise proper interest and sinking funds for the payment of the interest on, and the redemption of, the bonds.