3-1008. Issuance of revenue bonds; provisions
of bonds; sale
A. Bonds issued under this article shall be authorized by resolution of the Arizona
exposition and state fair board and may be issued in one or more series and shall bear
the date of their issuance, mature at such time or times during a period of not to exceed
thirty years from date of issuance, be in such denomination or denominations and in the
form, coupon, registered, or registered as to principal only, carry the conversion or
registration privileges, have the rank or priority, be executed in the manner, payable in
the medium of payment, at the place or places and subject to the terms of redemption,
with or without premium, as the resolution or the bonds so issued may
provide. Notwithstanding any provisions of law to the contrary, bonds issued pursuant to
this section are negotiable.
B. The bonds shall provide that:
1. No holder may compel the state or any subdivision thereof to exercise its
appropriation or taxing power.
2. The bond does not constitute a debt of the state and is payable only from
revenues from the operation of the Arizona coliseum and exposition center and its
facilities.
C. The bonds may be sold at public or private sale, at not less than the par value
thereof with all accrued interest to date of delivery. In the event such bonds are sold
at public sale, the Arizona exposition and state fair board shall call for bids by
publishing a notice inviting proposals for the purchase of the bonds at least once a week
for two successive weeks prior to the date fixed for sale of the bonds, in a daily or
weekly newspaper, published and of general circulation in Maricopa county, and designated
for such purpose, which notice shall be in the form the board shall prescribe. Pending
preparation of the definitive bonds, interim receipts or certificates may be issued to
the purchaser of the bonds in the form and containing the provisions determined by the
Arizona exposition and state fair board.
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