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 board of supervisors, at the time of making the levy of taxes for county purposes, shall levy a tax for that year upon all real property and mobile homes in the district for the interest and redemption of the bonds for an amount sufficient to pay the interest on the bonds for that year, for the portion of the principal becoming due during that year, and in all events sufficient to raise annually for the first half of the term of the bonds an amount sufficient to pay the interest thereon and, during the balance of the term, sufficient to pay the annual interest and also to pay annually a portion of the principal of the bonds equal to a sum produced by taking the whole amount of the bonds outstanding and dividing it by the number of years the bonds have to run.
B. All taxes so levied, when collected, shall be paid into the county treasury to the credit of the bond fund of the district to be used solely for payment of principal and interest on the bonds. The principal and interest on the bonds shall be paid by the county treasurer on the warrant of the board of trustees from funds provided therefor and the board of trustees shall cancel and file with the board of supervisors the bonds when paid.