Arizona § 48-1617 - Sale of bonds; notice

§ 48-1617. Sale of bonds; notice

A. The board may sell the bonds from time to time in such quantities as are necessary and most advantageous to raise money for the construction, purchase or lease of power plants, power lines, generators, motors, transformers, poles, wires and works, and otherwise to carry out the purposes of this chapter. Before making any sale, the board shall by resolution declare its intention to sell a specified amount of the bonds, shall fix the day, hour and place of sale, and shall cause such resolution to be entered in the minutes of the board.

B. Notice of the sale shall be given by publication thereof at least twenty days in a daily newspaper published in the state or such other newspaper as the board directs. The notice shall state that sealed bids will be received by the board at its office for the purchase of bonds until the day and hour named in the resolution.

C. At the time appointed, the board shall open the bids and award the sale of the bonds to the highest responsible bidder. The board may reject all bids, but the board shall in no event sell any of the bonds for less than ninety per cent of the face value thereof. If no bid is made and accepted, the board is authorized to sell any or all of the bonds at private sale, or to use the bonds for the purchase or lease of power lines, power plants, generating or distributing systems, for the construction of any power plants, power lines, generating or distributing systems, the purchase or construction of which was authorized in the resolution entered in the records of the district setting forth the purposes for which the bonds were issued, but the bonds shall not be disposed of at less than ninety per cent of the face value thereof.