Arizona Laws 48-3216. Forms of bonds
A. All bonds and coupons issued under this article are payable in lawful money of the United States and shall be payable in not exceeding fifty years from the date of the bond.
Terms Used In Arizona Laws 48-3216
- Bonds: means revenue bonds and includes notes if applicable. See Arizona Laws 48-3212
- Undertaking: means for the purpose of this article the purchase, construction, leasing or acquisition of any real or personal property, works or facilities which the district is authorized by law to purchase, construct, lease or otherwise acquire, or the improvement, reconstruction, extension or addition to any real or personal property, works or facilities owned or operated by the district, or any program of development involving real or personal property, works or facilities which the district is authorized by law to purchase, construct, lease or otherwise acquire or the improvement, reconstruction, extension or addition to such program, but does not include the acquisition by the exercise of the right of eminent domain or condemnation of any existing electrical works or electrical facilities. See Arizona Laws 48-3212
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. The bonds may be issued in one or more series, bear such date or dates, mature at such time or times not exceeding fifty years from their respective dates, be in such denomination or denominations, be in such form, carry such registration, exchangeability and interchangeability privileges, be payable in such medium of payment and at such place or places, within or without this state, be subject to such terms of redemption before their express maturity at such time with or without premium, be equally and ratably secured without priority, or be entitled to or subject to such priorities on all or any portion of such revenues and receipts of the district or of the undertaking and contain such other terms, conditions and covenants as the board of directors may adopt in the authorizing resolution.
C. The bonds shall bear interest at such rate or rates and are payable at such time or times and in such manner as the board of directors may determine by resolution.
D. The bonds shall be fully negotiable within the meaning of and for all the purposes of the law merchant and the uniform commercial code of this state, subject only to the provisions of the bonds for registration. The bonds shall be signed by the president or vice-president and the secretary or assistant secretary of the district, either manually or by their printed, engraved or lithographed facsimile signatures, except that at least one signature shall be manual, with the seal of the district or a facsimile thereof affixed thereto, as determined by resolution of the board of directors. The bonds of each issue shall be numbered consecutively and shall bear the date of their issue. Coupons for the several installments of interest shall be attached to each coupon bond and shall bear the facsimile signature of the secretary or the assistant secretary, as determined by resolution of the board of directors. The bonds shall express on their faces that they are signed by authority of this article and shall state the title of the issue of which the bonds are a part.
E. Pending the preparation and delivery of definitive bonds, the district may issue interim certificates or temporary bonds, exchangeable for definitive bonds when such bonds are executed and available for delivery. The interim certificates or temporary bonds may contain terms and conditions as the board of directors may determine.