ARM 36.23.110. GENERAL OBLIGATION BONDS

(1) The department may accept general obligation bonds issued by a municipality, upon the following terms: (a) the bond will not cause the municipality to exceed its statutory indebtedness limitation; (b) all statutory requirements for the issuance of such bonds shall have been met prior to the issuance of the bonds; and (c) the election authorizing the issuance of the bonds has been conducted by the date of a binding commitment unless such requirement is waived by the department. (2) The department may accept general obligation bonds issued by county water and sewer districts upon the following terms: (a) all statutory requirements for the issuance of such bonds shall have been met prior to the issuance of the bonds; and (b) the election authorizing the issuance of the bonds has been conducted by the date of a binding commitment unless such requirement is waived by the department.