Arizona § 15-1030 Cancellation of unsold bonds; notice; hearing

Arizona Statutes

§ 15-1030 — Cancellation of unsold bonds; notice; hearing

Arizona § 15-1030

Title 15Arizona Revised Statutes

Ch. 9SCHOOL DISTRICT BUDGETING AND FINANCIAL ASSISTANCE

Art. 7Bond Issues and Bonded Indebtedness

This text of Arizona § 15-1030 (Cancellation of unsold bonds; notice; hearing) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 15-1030 (2026).

Text

A.If a bond issue remains unsold for six months after being offered for sale, the governing board of the school district or any school district comprised wholly or partly of territory which at the time of holding the bond election was within the school district may cancel the unsold bonds.

B.The school district governing board shall fix a time for a hearing on the proposed cancellation of the unsold bonds. The school district governing board shall give notice of the time and place of the hearing which shall set forth in general terms the object of the hearing. The notice shall be published for ten days prior to the day of hearing in some newspaper published in the school district. If no newspaper is published in the school district, the notice shall be published in a newspaper published

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A. If a bond issue remains unsold for six months after being offered for sale, the governing board of the school district or any school district comprised wholly or partly of territory which at the time of holding the bond election was within the school district may cancel the unsold bonds.

B. The school district governing board shall fix a time for a hearing on the proposed cancellation of the unsold bonds. The school district governing board shall give notice of the time and place of the hearing which shall set forth in general terms the object of the hearing. The notice shall be published for ten days prior to the day of hearing in some newspaper published in the school district. If no newspaper is published in the school district, the notice shall be published in a newspaper published at the county seat of the county in which the school district or some part thereof is located.

C. At the time and place designated in the notice the school district governing board shall hear reasons for or against granting the proposed cancellation of the unsold bonds, and if the board deems it for the best interests of the school district that the unsold bonds be canceled it shall enter an order canceling the unsold bonds, and thereupon the bonds and the vote by which they were authorized to be issued shall be void.