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.
48-2849 - Issuance of improvement bonds; fund for payment of bonds
48-2849. Issuance of improvement bonds; fund for payment of bonds
A. The board may determine that improvement bonds shall be issued for the cost and expense of the flood protection facility. The bonds shall be issued in the name of the flood protection district but shall be made payable only from the special fund collected by the flood protection district from special assessments levied and assessed on the lots, acres or parcels fronting on the flood protection facility or, if an assessment district has been created by the resolution of intention for the work, on the lots, acres or parcels included in the assessment district.
B. All amounts collected from the special assessments shall be placed in the special fund and shall not be used for any purpose other than payment of the principal and interest of the bonds.