AZ Rev Stat § 48-3196 (2021)
2021 Arizona Revised Statutes|Title 48 - Special Taxing Districts|§ 48-3196 - Special election on question whether bond issue should be cancelled and general plan abandoned; cancellation of certain unsold bonds by resolution

48-3196.  Special election on question whether bond issue should be cancelled and general plan abandoned;  cancellation of certain unsold bonds by resolution A. At any time bonds have been authorized by the qualified electors of the district,  but no part thereof have been sold and delivered,  the board of directors upon its own initiative may,  or upon petition of not less than twenty-five per cent of the qualified electors of the district shall,  call a special election for the purpose of submitting to the qualified electors of the district the question of whether or not the bond issue shall be cancelled,  and whether or not the general plan of its proposed works upon which the bond issue is based,  shall be abandoned. B. Notice of such election shall be given,  the election held and the returns thereof canvassed in the same manner as provided in this article for the authorization of bonds. C. If the majority of votes cast at the election are in favor of cancellation of the bonds and abandonment of the general plan,  the board of directors shall,  after the result of the election has been entered upon its minutes,  destroy the bonds so authorized to be cancelled if they have been prepared,  and shall proceed to adopt a new general plan in all respects as if no general plan had been theretofore adopted. The board of directors shall proceed with appropriate proceedings before the board of supervisors and the state certification board for the authorization and sale of a new bond issue and the construction of district works in all respects as if no bond issue had been theretofore authorized. D. If the majority of the votes cast at the election are against cancellation of the bonds and abandonment of the general plan,  the board of directors shall enter the result of the election on its minutes and shall proceed with the sale of the bonds and construction of the proposed works as if the election had not been held,  but if no part of such bonds are sold within one year after the date of such election the cancellation of the bond issue and the abandonment of the general plan may again be submitted to the electors of the district in the manner provided by this section. E. In any district in which the major plan has been carried out and in which there remains unsold any bonds of a subsequent issue authorized for any special purpose,  and the purposes for which the bonds were issued have been fulfilled or carried out in some other manner,  and the unsold bonds have a par value of less than five hundred thousand dollars,  the board of directors may by resolution,  passed by a two-thirds vote,  cancel and destroy the unsold bonds,  and thereupon the board of directors shall cause the resolution of cancellation to be recorded in the office of the county recorder of the county in which the office of the district is located and a certified copy thereof in any other county in which lands of the district are located.