Arizona Revised Statutes § 48-2083 Deficiency In Collections

48-2083. Deficiency in collections

If there is a deficiency in the revenues collected from the special assessments by reason of the inadequacy of the method of collection adopted by the district under section 48-2076, and the district had a population of more than two thousand persons and had been in existence for ten or more years, at the time the bonds were issued and sold, and the resolution authorizing the issuance and sale of the bonds particularly specifies, the district may make good the deficiency, reimbursing itself from the monies collected from the installments when they are received. If that method has not been adopted, the district may, but is not obligated to, make good the deficiency by a temporary loan from some other fund.

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Last modified: October 13, 2016