Arizona Revised Statutes § 48-1615 Issuance Of Additional Bonds; Priority Of Liens

48-1615. Issuance of additional bonds; priority of liens

A. When the money provided by the previous issue of bonds has become exhausted by expenditures authorized by this chapter and it is necessary to raise additional money for such purposes, additional bonds may be issued by submitting the question to the qualified voters of the district and by complying with the procedures prescribed by this article in respect to an original issue of bonds, but the lien for taxes for the payment of the interest and the principal of any bond of a prior issue shall be prior to the lien of any bond of a subsequent issue.

B. When the owner of land within the district for which title had not been obtained at the time of previous issues of bonds obtains a patent or title thereto, the board of directors may levy an assessment upon the land for the owner's proportionate share of the taxes levied by the district to pay the bonded indebtedness of the district.

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Last modified: October 13, 2016