35-421. State loan commissioners; issuance of bonds; exemption of bonds from taxes
A. The governor, the director of the department of administration and the state treasurer shall constitute the loan commissioners of the state of Arizona.
B. The loan commissioners shall provide for payment of state indebtedness. For the purpose of paying, redeeming and refunding all or any part of the principal and interest of such indebtedness, the loan commissioners may, from time to time issue negotiable coupon bonds of the state when they can be sold at a lower rate of interest than previously paid or when they can be issued and sold at a profit and benefit to the state.
C. Bonds issued under the provisions of this article shall not be taxed within this state.