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.
15-1029 - Rights of bondholder; additional state tax
15-1029. Rights of bondholder; additional state tax
A. If the board of supervisors fails to make the levy necessary to pay school district bonds or interest coupons at maturity and such bonds or coupons are presented to the county treasurer and payment is refused, the owner may file the bond, together with all unpaid coupons, with the department of administration, taking his receipt therefor. Such bonds and coupons shall be registered with the department of administration.
B. The department of revenue shall add to the tax to be levied by the school district which issued the bonds a sufficient rate to obtain the amount of principal or interest past due prior to the next levy. The tax shall be levied and collected as a part of the school district tax but shall be paid into the state treasury, shall be passed to the special credit of the school district bond tax and shall, as payments mature, be paid by warrants to the holder of registered obligations as shown by the register in the department of administration until such obligations are fully satisfied and discharged. Any balance then remaining shall be remitted to the general account and credit of the school district.