48-660
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48-660. Execution and form of bonds A. The bonds shall be signed by the mayor, attested by the clerk and sealed with the corporate seal of the municipality. The interest coupons shall bear the facsimile signature of the mayor and clerk. B. The bonds shall be in substantially the following form: "CITY (OR TOWN) OF ______________________________ REFUNDING IMPROVEMENT BOND. KNOW ALL MEN BY THESE PRESENTS: That the city (or town) of _____________________, Arizona, a duly organized municipal corporation, promises to pay as hereinafter stated to the bearer hereof, on the _______ day of _____________, the sum of __________________ dollars, together with interest on said sum at the rate of _________ per cent per annum, payable semiannually, on the first days of January and July of each year, as evidenced by and upon the presentation and surrender of the interest coupons hereto attached, as they severally become due. Both principal and interest are hereby made payable at the office of the city (or town) of ________________ or at ______________________ at the option of the holder. This bond is issued in pursuance of law, and is one of a series of bonds, for the total sum of _____________________ dollars, of which _________________________ dollars remain unpaid at the date of the issuance of this refunding bond, issued for that certain improvement in said municipality, consisting of (briefly describing improvement), initiated by resolution number __________________ of (name of municipality), and is payable only out of the special fund to be collected from special assessments imposed upon the lots or parcels of land fronting on or benefited by said improvement. Said special fund is set apart by law for the payment of said bonds, and cannot be used for any other purpose. This bond is callable at par on any interest payment date, by mailing notice thirty days prior to said date to the person last presenting one of the attached coupons for payment. It is hereby certified and declared that the improvement for which said bonds are issued is authorized by law. That all the acts, conditions and things required to be done precedent to and in the issuance of said bonds have been done and performed in regular and due form, as required by the laws of the state of Arizona, the charter of (name of municipality) and all ordinances and resolutions thereof, and that the special assessments out of which said bonds are to be paid are first liens on the property assessed, subject only to the lien for general taxes and prior special assessments, and that the proceedings for the issuance of this refunding bond have been had in all respects in compliance with the laws of the state of Arizona, the charter of (name of municipality), and all ordinances and resolutions thereof, and any bona fide purchaser for value of this bond has the right to rely on the recitals therein contained. For the assessment or reassessment, collection and payment of said special assessments, the full faith and diligence of said municipality are hereby irrevocably pledged." |