Ariz. Rev. Stat. § 27-235
C. The lease shall confer the right:
D. Every mineral lease of state lands shall provide for:
E. If financial security is required under this subsection, it shall be in the form of a cash deposit, a certificate of deposit, a surety bond or any other form of financial assurance acceptable to the commissioner. On default, the commissioner may use the proceeds of the financial security for the purposes described in paragraph 1, 2 or 3 of this subsection. Financial security may be required in the following circumstances: