Arizona Statutes
§ 41-5806 — Cancellation of unsold impact aid revenue bonds
Arizona·Title 41 Arizona Revised Statutes·Ch. 56 SCHOOL CAPITAL FINANCE·Art. 8 Impact Aid Revenue Bonds
A.If an impact aid revenue 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 that was part of the school district at the time of issuing the bonds may cancel the unsold bonds.
B.The governing board shall fix a time for a hearing on the proposed cancellation of the unsold bonds. The governing board shall give notice of the time, place and subject of the hearing. The notice shall be published for ten days before the hearing in a newspaper of general circulation in the district.
C.At the time and place designated in the notice, the governing board shall hear reasons for or against the proposed cancellation of the unsold bonds, and if the board considers it to b
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Nearby Sections
15
§ 41-1001
Definitions§ 41-1001.01
Regulatory bill of rights; small businesses§ 41-1003
Required rule making§ 41-1004
Waiver§ 41-1005
Exemptions§ 41-1007
Award of costs and fees against a department in administrative hearings; exceptions; definitions§ 41-1008
Fees; specific statutory authority§ 41-101.01
Authority to accept and expend certain funds§ 41-101.02
Authority to enter reciprocal aid agreements