41-5803. Issuance and sale of impact aid revenue bonds A. The governing board shall issue the bonds in the number and amount provided in the resolution. B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution for at, above or below par. C. The proceeds of the sale of the bonds shall be deposited in the county treasury to the credit of the school district' s impact aid revenue bond building fund. These deposits may be drawn out for the purposes authorized by this article as other school monies are drawn. D. Revenue bond proceeds shall not be expended for items whose useful life is less than the average life of the bonds issued, except that bond proceeds shall not be expended for items whose useful life is less than five years.
Arizona Legal Code