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.
48-595 - Issuance of improvement bonds; fund for payment of bonds
48-595. Issuance of improvement bonds; fund for payment of bonds
A. The governing body may determine that improvement bonds be issued to represent the cost and expense of the work or improvement constructed. The bonds shall be issued in the name of the municipality but shall be made payable only from the special fund collected by the municipality from special assessments levied and assessed upon the lots fronting upon the street improved and those situated in the quarter block and irregular blocks adjoining and cornering upon the crossings, or where there is a termination in the two quarter blocks adjoining and cornering upon them halfway to the next main street crossing, and all the way to a boundary line of the municipality when no cross street intervenes, or, if an assessment district has been created by the resolution of intention for the work, upon the lots included within the limits of the assessment district.
B. All sums collected from the special assessments shall be placed in the special fund and shall be used for no other purpose than payment of the principal and interest of the bonds.