Arizona Revised Statutes § 48-2067 Certification Of Unpaid Assessments; Payments By Installment; Interest; Payments In Advance

48-2067. Certification of unpaid assessments; payments by installment; interest; payments in advance

A. The board, at the time it certifies the list of unpaid assessments, shall write the word " certified" on the record of the assessment opposite each unpaid assessment included in the list, and all assessments of twenty-five dollars or more cease to be payable in cash and are thereafter payable only in equal annual installments on January 1 of each year in which the bonds become due. The board may provide a plan by which the annual installment plus an additional over levy as determined by the board to cover the anticipated delinquencies in the collection of the assessment may be collected in partial payments before the installment is due, and the lien of each assessment on the property assessed is valid for two years after the last installment on the assessment becomes due, or until the assessment is fully paid.

B. An uncollected installment shall be added to the succeeding installment and paid, together with interest and penalties.

C. The number of installments in which the assessment is payable shall correspond to the number of years in which there are bonds to be paid. The total number of installments shall not exceed thirty, except that if the initial purchaser of the bonds is the United States of America or any department, division or agency of the United States of America, the bonds may mature over a period that does not exceed forty-one years and the total number of installments shall not exceed forty-one.

D. All assessments of twenty-five dollars or more not paid before the certification of the list of unpaid assessments bear interest from the date of the warrant at the same rate as that specified for the bonds in the resolution of intention. The interest is payable on July 1 and January 1 of each year, immediately before the interest becomes due on the bonds. The board may provide a plan by which the interest is collected in partial payments before the date it becomes due.

E. The board may provide for receiving payment of the installments of the assessments before they become due and may use the proceeds to redeem the bonds presented for redemption by the bond owners or invest the proceeds in improvement bonds for other work or other satisfactory investment. Investment of these monies may not be made so as to prejudice the prompt payment of the bonds on the date they become due.

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Last modified: October 13, 2016