Arizona § 48-4543 - General obligation bond election; results

§ 48-4543. General obligation bond election; results

A. On determining the amount of money that is necessary to be raised for any of the purposes set forth in section 48-4542 and that may be subject to repayment under section 48-4503, subsection B, paragraph 1, the board shall immediately call an election to submit to the electors of the district the question of whether the bonds of the district shall be issued in the amount so determined. The election must be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d).

B. Notice of the election shall be posted in three public places in each election precinct of the district for at least twenty days and by publication in a newspaper published in the county in which the office of the board of directors of the district is located once a week for at least two consecutive weeks. The notice shall state the date of the election, the amount of bonds proposed to be issued, the maximum rate of interest to be borne on the bonds and the denominations.

C. The election shall be held and the results shall be determined and declared in a manner as nearly as practicable as provided by section 48-4433 governing the election of board members. Informalities in conducting the election do not invalidate the election if it has been otherwise fairly conducted.

D. At the election the ballots shall contain the words "bonds—yes" and "bonds—no". If a majority of the votes cast at the election is "bonds―yes", the board of directors shall cause the bonds to be issued. If a majority of the votes cast is "bonds—no", the result of the election shall be declared by the board of directors and entered on its record, and at any time thereafter when a petition signed by one-fourth or more of the qualified electors of the district is presented to the board of directors, the board shall record such presentation in its minutes and shall again submit the question to the electors of the district in the same manner and with similar effect as at the previous election.