Arizona Laws 35-406. Sale of bonds; use of proceeds
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A. The tax anticipation bonds shall be sold to the highest bidder that meets the conditions imposed by the loan commissioners, but shall not be sold at less than par.
Terms Used In Arizona Laws 35-406
- Bonds: means tax anticipation bonds issued pursuant to this article. See Arizona Laws 35-401
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Loan commissioners: means the loan commissioners of this state. See Arizona Laws 35-401
- Taxes: means state excise taxes levied pursuant to lawful appropriations, which are due or will become due prior to the end of the fiscal year but which remain uncollected, in anticipation of which bonds may be issued. See Arizona Laws 35-401
- Treasurer: means state treasurer. See Arizona Laws 35-401
B. When the issuance and sale of any bonds have been completed, the treasurer shall immediately call in and pay from the proceeds of the sale all state warrants, checks or substitute checks, and electronic funds transfer vouchers that are registered and accumulated at that date, or otherwise the proceeds of the bonds shall be used solely for the purposes for which the taxes on which the bonds are based were levied.