The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
48-653 - Limitation on refunding bonds; notice and hearing; definition
48-653. Limitation on refunding bonds; notice and hearing; definition
A. Refunding bonds may be issued only if the total amount of principal of and interest on the refunding bonds does not exceed the total amount of remaining principal of and interest on the bonds to be refunded. The superintendent shall file a modified assessment reflecting the reduction in the assessment. If the modified assessment does not increase the assessment on any parcel or lot, the modified assessment may be approved by the governing body without providing notice or a hearing to the owners of affected parcels or lots. If the modification results in an increase in the assessment to any parcel or lot, notice and, if required, a hearing shall be provided in the manner as provided in section 48-594.
B. For the purposes of this section, "superintendent" has the same meaning prescribed in section 48-571.