Arizona Laws 15-1023. Issuance of bonds
A. Upon receipt of the certificate of the appropriate election officer as provided in section 15-493 that a majority of votes cast at the bond election favors issuing the bonds, the school district governing board shall issue the bonds of the school district in the number and amount provided in the proceedings, payable from the debt service fund of the school district, naming the fund, and the monies shall be raised by taxation upon the taxable property in the school district for redemption of the bonds and payment of interest thereon.
Terms Used In Arizona Laws 15-1023
- Governing board: means a body organized for the government and management of the schools within a school district or a county school superintendent in the conduct of an accommodation school. See Arizona Laws 15-101
- Property: includes both real and personal property. See Arizona Laws 1-215
- School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101
B. The governing board of the school district by an order entered upon its minutes shall prescribe the form of the bonds and the interest coupons attached thereto and fix the time when the whole or any part of the principal of the bonds is payable, which shall not be more than twenty years from the date thereof.