A.R.S. § 48-5163: Bond requirements

The bonds authorized by this article shall:

1. Be authorized by resolution of the board.

2. Bear such date or dates and shall mature at such time or times as the resolution or resolutions may provide.

3. If the transportation excise tax has a final termination date, mature at or before the final termination date.

4. Bear interest at such rate or rates, whether fixed or variable, be in such denominations, be in such form, be executed in such manner, be payable in such medium of payment at the office of the fiscal agent or at such other place or places and be subject to such terms of redemption as the resolution or resolutions may provide.

5. Be sold at public or private sale at the price and on the terms the board determines, except that bonds to fund or refund other bonds may be either sold or exchanged with the holders of bonds being funded or refunded on terms the board determines.