Arizona Revised Statutes § 48-3206 Payment Of Bonds And Interest

48-3206. Payment of bonds and interest

A. The bonds and the interest thereon shall be paid by revenue derived from an annual assessment and levy of taxes upon the real property of the district, and the real property of the district shall be liable to taxation for such payments.

B. Any parcel of land in the district, upon payment made at any time before maturity of such bonds of that proportion of the bonded indebtedness of the district which the acreage of the parcel of land bears to the total bonded acreage of the district, together with interest on such amount up to the next following interest-paying day, shall be released and discharged from the further levy of taxes for payment of the principal and interest of the bonds of the district then outstanding, except as otherwise provided for a tax levy in event of default at maturity of bonds.

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Last modified: October 13, 2016