Ariz. Rev. Stat. § 48-2469
A district may, at any time after the issuance of bonds is authorized, borrow money for the purposes for which such bonds are to be issued in anticipation of the receipt of the proceeds of the sale of such bonds and within the authorized maximum amount of such bond issue. Bond anticipation notes shall be issued for all monies so borrowed under the provisions of this section. Such notes may be issued for a period not exceeding one year and may be renewed from time to time for periods of not exceeding one year, but each such note, including renewals, shall mature and be paid not later than the fifth anniversary of the date the original note was issued. Such notes shall be authorized by resolution of the board and shall be in such denomination or denominations, shall bear interest at such rate or rates approved by the board of directors, shall be in such form and shall be executed in such manner, all as the board of directors shall prescribe. In the case of districts that have both a board of directors and a council pursuant to article 3 of this chapter, notes may be issued without ratification and confirmation of the council. Such notes shall be sold at public or private sale or, if such notes shall be renewal notes, they may be exchanged for notes then outstanding on such terms as the board shall determine.
A.R.S. § 48-2469