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. Bonds that are issued under this article may contain a provision requiring the establishment of a reserve or reserves in an amount that does not exceed the requirements of principal and interest payments for the two years during the life of the bonds requiring the largest amount of principal and interest payments. The district shall maintain the reserve during the life of the bond issue to protect against any deficiency in tax collections.
B. If it becomes necessary to withdraw monies from the reserve to protect against any deficiency, the board of directors shall certify to the county board of supervisors and the board of supervisors shall levy a tax on all taxable property in the district in an amount that is sufficient to maintain the reserve fund in an amount equal to the original amount deposited in the reserve fund. In making the certification for the payment of principal and interest for the last year when the bonds mature, the board of directors shall take into consideration the amount of monies then in the reserve fund and shall certify an amount sufficient to pay the principal and interest on the bonds, less the amount then in the reserve fund.