Arizona Laws 9-512. Issuance of bonds; service rates
Current as of: 2024 | Check for updates
|
Other versions
A. The municipal corporation, for any and all purposes provided in section 9-511, may issue and sell bonds bearing interest not to exceed nine per cent per annum.
Terms Used In Arizona Laws 9-512
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
B. When the enterprise or public improvement has been purchased or constructed by means derived from the sale of bonds, the municipality shall fix the rates charged for service to the public as nearly as practicable so as to pay the interest and not less than three per cent per annum on the principal of the bonds, in excess of the expense of maintenance and operation.