Arizona Laws 48-543. Sale of bonds; disposition of proceeds
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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.
Terms Used In Arizona Laws 48-543
- city: includes counties, incorporated cities and towns and other corporations organized for municipal purposes. See Arizona Laws 48-501
- council: includes any body or board in which is vested by law the legislative power of a municipality. See Arizona Laws 48-501
- Improvement: includes all the improvements mentioned in this article, and the term or terms "street opening or widening" and "opening or widening" include all improvements mentioned in this article. See Arizona Laws 48-501
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.