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.