Ariz. Rev. Stat. § 35-467.02
Revenue anticipation notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates occurring on or before the last day of the fiscal year, mature in such amount or amounts, bear interest at such rate or rates, 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 authorizing the issuance of the notes provides. The notes may be sold at not less than par at either public or private sale. "Public sale" means sale by either auction or sealed bid on such terms, conditions and notice as the governing body prescribes. The notes shall be fully negotiable for all purposes in accordance with the provisions of title 47, chapter 3.
A.R.S. § 35-467.02