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.
DISCLAIMER
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.
A. The bonds and the interest thereon shall be paid by revenue derived from an annual assessment and levy of taxes upon the real property of the district, and the real property of the district shall be liable to taxation for such payments.
B. Any parcel of land in the district, upon payment made at any time before maturity of such bonds of that proportion of the bonded indebtedness of the district which the acreage of the parcel of land bears to the total bonded acreage of the district, together with interest on such amount up to the next following interest-paying day, shall be released and discharged from the further levy of taxes for payment of the principal and interest of the bonds of the district then outstanding, except as otherwise provided for a tax levy in event of default at maturity of bonds.