{"data":{"id":"us-az/a.r.s.-48-2777","jurisdiction":"us-az","citation":"A.R.S. § 48-2777","heading":"Minimum rate of exchange","body":"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.","path":["Title 48 Special Taxing Districts"],"source_url":"https://www.azleg.gov/ars/48/02777.htm","current_through":"2026-09-04","vintage":"2026-08-09","retrieved_at":"2026-09-04T00:49:56Z","sha256":"d324abe719d4e45c4b81494c9f60cfb4103e2aef33ce99e3e9f3aeff38b8b99a","source_id":"us-az","stale":true,"prev":"us-az/a.r.s.-48-2776","next":"us-az/a.r.s.-48-2778"},"notice":"GroundRules: Original legal text. Not legal advice."}