A.R.S. § 48-2777: Minimum rate of exchange

The refunding bonds may be exchanged at not less than ninety-five per cent of their par value, including accrued interest, for any of the indebtedness described in the notice of the election authorizing the issuance of the refunding bonds. A contract for such exchange may be made by the board of directors on such terms as the board deems advisable, but the board shall receive not less than ninety-five per cent of the value of the refunding bonds so exchanged.