48-1618. Payment of bonds; release of lands from bond debt; exception
189 words·~1 min read·
/az/title-48/48-1618A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The bonds and 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 or parcels of land which have paid the proportionate share of the bonds before maturity based upon the acreage such parcel or parcels of land bear to the total bonded acreage of the district, together with interest thereon to and including the next following interest-paying day, shall be released and discharged from further levy of taxes for payment of the principal and interest of the bonds then outstanding, except as provided in subsection C of this section.
C. Such parcel or parcels of land shall be liable for assessment and levy of taxes for all other obligations of the district, and in case of default at maturity of any of the bonds, the lands shall be liable for that proportion of the defaulted bonded indebtedness which the acreage of such parcel or parcels of land bear to the total bonded indebtedness of the district.