48-2011.03. Issuance of bonds; notice; hearing Notwithstanding any other law, a sanitary district may issue bonds that refinance existing debt and that mature over a period of forty-one years only if the sanitary district complies with both of the following before issuance of the bonds: 1. The new bonds do not cause an increase in the sanitary district's bonding capacity. 2. The sanitary district's board of directors holds a public hearing regarding the issuance of the bonds. The sanitary district's board of directors shall provide public notice of the hearing as otherwise prescribed by law.
Arizona Legal Code