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.
48-3122 - Payment of bonded indebtedness; release of lands
48-3122. Payment of bonded indebtedness; release of lands
A. Payment of the amount necessary to be made for releasing any parcel of land from the outstanding bonded indebtedness of the district may be made with the district bonds, matured interest coupons or warrants, at their par value or with an aggregate amount of bonds, interest coupons or warrants which singly, or in the aggregate do not exceed the total amount necessary for release of such land, and to which aggregate amount a money payment is added sufficient to pay for release of such land.
B. The treasurer of the district shall accept payment made as provided by this section, and upon receipt of any bonds, coupons or warrants, shall immediately cancel them, and they shall not thereafter be reissued, negotiated or circulated.