A.R.S. § 48-1614: Issuance of bonds maturing in less than thirty years

Any district may, by a majority vote of the electors of the district possessing the qualifications of electors as provided by this chapter, authorize the issuance of bonds which will mature in any number of years less than thirty, whereupon the bonds shall mature each successive year thereafter upon the same basis and percentage as is provided in this article for bonds commencing to mature on the twenty-first year. The district, in such an instance, may arrange for the payment of such bonds in series as provided by this article.