Arizona § 35-456 - Amount, denomination and form of bonds

§ 35-456. Amount, denomination and form of bonds

A. The governing body or board shall cause the bonds to be prepared in the amount and denominations authorized, or whole multiples of such denominations, bearing the date of issuance and numbered in a convenient manner. Bonds voted at one or more elections, for one or more different purposes and subject to one or more debt limits may be combined into a single issue or series maturing at such times and containing such options for redemption prior to maturity, with or without premium, as the governing body or board may determine prior to the issuance of the bonds. On or before retirement of bonds of such a combined issue, the governing body or board shall determine the voted purpose or purposes for which the bonds being retired were issued. This determination is conclusive in calculating the amount of bonds remaining outstanding for each such voted purpose and for calculating outstanding bonded indebtedness with respect to article IX, sections 8 and 8.1, Constitution of Arizona.

B. The bonds shall be signed and attested:

1. When issued by the county, by the chairman and the clerk of the board of supervisors.

2. When issued by a city or town, by the mayor and the city clerk.

3. When issued by any other municipal corporation, by the executive officer and clerk of the governing body of such corporation. Any signature may be affixed either by manual signature or by a facsimile reproduction of a manual signature if the signer adopts the facsimile reproduction as and for such person's actual signature.

C. The corporate seal of any such political subdivision or municipal corporation may be affixed to the bonds either manually or by photographic reproduction.

D. The bonds may be payable to bearer or may be in fully registered form without coupons and shall mature in not to exceed forty years from the date of their issuance. Coupons for the interest may be attached to each bearer bond bearing a facsimile of the signatures of the officers as they appear upon the bonds.

E. The form, including whether registrable as to principal or as to both principal and interest, denomination and manner of execution of tax secured bonds issued pursuant to both this article and title 9, chapter 5, article 3 shall be governed by title 9, chapter 5, article 3.

F. The governing body may employ registrars and transfer and paying agents to administer the bonds. All or any part of the costs of registration, transfer and payment may be deducted from bond proceeds or may be treated as interest and such costs may be added to and paid from the proceeds of taxes levied to pay interest on the bonds.