41-5807. Payment of impact aid revenue bonds; use of surplus monies
150 words·~1 min read·
/az/title-41/41-5807A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The impact aid revenue bonds shall be paid solely from monies distributed to the school district from impact aid revenues and other monies that are authorized by this article and that are credited to the school district's impact aid revenue bond debt service fund.
B. The county treasurer or the paying agent for the impact aid revenue bonds shall cancel all impact aid revenue bonds when paid. Any surplus monies remaining in the impact aid revenue bond debt service fund shall be transferred back to the school district's capital outlay fund.
C. If a balance remains in the school district's impact aid revenue bond building fund after the acquisition or construction of facilities for which the bonds were issued is completed and the payment of other related costs, the balance remaining in the impact aid revenue bond building fund shall be transferred to the school district's capital outlay fund.