Ariz. Rev. Stat. § 35-466.02
The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates not later than thirty days after the last date the grant revenues are to be received under the terms of the grant agreement or agreements, or within the period the governing body of the issuer expects to receive the grant revenues if no date for final receipt is set forth in the grant agreement, mature in such amount or amounts, bear interest at such rate or rates not exceeding twelve per cent per annum, be in such form and be executed in such medium of payment, be payable at such place or places and be subject to such terms of redemption with or without premium as the resolution of the governing body of the issuer authorizing the issuance of the notes may provide. The notes may be sold at not less than par at either public or private sale. The term "public sale" includes sale by either auction or sealed bid upon such terms, conditions and notice as the governing body of the issuer may prescribe. The notes shall be fully negotiable for all purposes as set forth in title 47, chapter 3.
A.R.S. § 35-466.02