A.R.S. § 48-2793

When the vote is canvassed by the board of directors and entered of record, if it is found that a majority of the votes cast is "for destroying bonds - -yes," the president of the board, in the presence of a majority of the members of the board, shall destroy the bonds authorized to be destroyed, and the total amount of bonds destroyed and cancelled shall be deducted from the amount authorized to be issued by the electors of the district, and no part thereof shall thereafter be reprinted or issued.