Arizona Revised Statutes § 48-654 Resolution Of Intention To Refund

48-654. Resolution of intention to refund

Before ordering the issuance of refunding bonds, the governing body shall pass a resolution of intention so to do. The resolution shall be sufficient if the following can be reasonably ascertained therefrom:

1. The year of issuance, approximate total amount and approximate balance of principal remaining unpaid on the bonds proposed to be refunded.

2. The number of the resolution of intention initiating the proceeding, or the general assessment number of the assessment under which the bonds were issued.

3. The description of the district assessed for the improvement for which the bonds were issued, but if the assessment diagram for the improvement remains on file in a public office within the municipality, the resolution may refer to the assessment diagram, stating where it may be seen and examined, instead of describing the district.

4. The amount for which the refunding bonds will be issued.

5. The years when the refunding bonds shall be payable.

6. The rate of interest payable on the refunding bonds.

7. That the governing body intends to issue refunding bonds.

8. That the owners of, or persons interested in or having a lien upon any property which has been assessed for the payment of the original bonds, may protest in writing against the issuance of the proposed refunding bonds.

9. That all persons who fail to file written protest within the time allowed therefor shall be barred and estopped from making objection to the issuance of the refunding bonds and the validity thereof.

Section: Previous  48-632  48-633  48-634  48-635  48-651  48-652  48-653  48-654  48-655  48-656  48-657  48-658  48-659  48-660  48-661  Next

Last modified: October 13, 2016