Arizona § 48-543 Sale of bonds; disposition of proceeds

Arizona Statutes

§ 48-543 — Sale of bonds; disposition of proceeds

Arizona·Title 48 Arizona Revised Statutes·Ch. 4 MUNICIPAL IMPROVEMENT DISTRICTS·Art. 1 Opening, Widening and Closing Public Ways

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.

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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.

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