48-2445. Lien of bonds; payment of bonds
167 words·~1 min read·
/az/title-48/48-2445A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. All bonds issued under the provisions of this chapter shall be a lien upon the real property included in the district, and such bonds and the interest thereon shall be payable from the levy of taxes upon the real property included in the district. All the real property in the district shall be and remain liable to taxation for such payments, but whenever any such bonds are additionally secured by a pledge of the income, revenue and receipts of the district as provided in this chapter, the board shall abate the levy of any tax herein required for the current year in which the income, revenue and receipts to be received by the district, or on hand for that purpose, will be sufficient to make the principal and interest payments due upon such bonds.
B. This section shall not be construed as creating, or intended to create, any lien on or to authorize any tax against any state, school or university lands included within a district.