A.R.S. § 48-2091: Refunding bonds

A. The board of directors of a sanitary district may issue bonds for the purpose of refunding any bonds issued pursuant to article 2 of this chapter. Refunding bonds may be issued only if the total amount of principal of and interest on the refunding bonds does not exceed the total amount of remaining principal of and interest on the bonds to be refunded.

B. Refunding bonds shall be issued and sold and contain such details as the board of directors prescribes.

C. Interest on refunding bonds is payable on January 1 and July 1 each year.

D. The due dates of refunding bonds are January 1 and July 1 in the years they are due.