48-2853. Certification of unpaid assessments; payments by installment; interest; payments in advance
334 words·~2 min read·
/az/title-48/48-2853A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The board, at the time it certifies the list of unpaid assessments, shall write the word "certified" on the record of the assessment opposite each unpaid assessment included in the list, and all assessments cease to be payable in cash and are thereafter payable only in equal annual installments on either January 1 or July 1, or semiannually on January 1 and July 1, of each year in which the bonds become due. The board may provide a plan by which the annual installment plus an additional over levy as determined by the board to cover the anticipated delinquencies in the collection of the assessment may be collected in partial payments before the installment is due, and the lien of each assessment on the property assessed is, and remains, valid or until the assessment is fully paid.
B. An uncollected installment shall be added to the succeeding installment and paid, together with interest and penalties.
C. The number of installments in which the assessment is payable shall correspond to the number of years in which there are bonds to be paid. The total number of annual installments shall not exceed forty.
D. All assessments not paid before the certification of the list of unpaid assessments bear interest from the date of the warrant at the same rate as that specified for the bonds in the resolution of intention. The interest is payable on July 1 and January 1 of each year, immediately before the interest becomes due on the bonds. The board may provide a plan by which the interest is collected in partial payments before the date it becomes due.
E. The board may provide for receiving payment of the installments of the assessments before they become due and may use the proceeds to redeem the bonds presented for redemption by the bond owners or invest the proceeds. No investment of these monies may be made so as to prejudice the prompt payment of the bonds on the date they become due.