The proceedings authorizing any bond may permit the registered holder of the bond to authorize any bank or trust company authorized to do business in this state to present the bond to the treasurer, finance director or paying agent of the issuer for payment of the principal thereof, or, if the obligor has a fiscal agent without this state, the obligor may authorize any bank or trust company doing business where such agent is located to make the presentment. Payment to such bank or trust company constitutes payment and satisfaction of the indebtedness.
A.R.S. § 35-493
Collection and payment of bond through bank or trust company; effect
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.