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. If any money or property remains in the special fund for any bond issue after all the bonds are fully paid, it shall go to the general fund of the district, except that if the work has been fully completed and the maintenance of a general fund is not deemed necessary by the board of directors of the district then the surplus funds shall go to the general fund of the county.
B. Notwithstanding subsection A of this section, if any money remains in the special fund for any bond issue after all the bonds are fully paid, and if the maintenance of a district general fund is deemed not necessary by the board of directors of the district, then the funds may be used to pay any outstanding bonds of any improvement district which lacks sufficient funds to fully pay all bonds.
C. On dissolution of a district pursuant to section 48-959 and on the passage of a period of two years with no activity, the county treasurer may request that the board of supervisors transfer all or part of any money remaining in any special or general fund of the district to the county general fund for purposes for which it was collected if required or for appropriation for the health, safety and welfare of the general public.