48-3161. Order of conversion; notice to landowners

269 words·~1 min read·/az/title-48/48-3161

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The board of directors may order such conversion by a resolution prescribing the aggregate amount of the lien per acre and the terms, conditions and procedure for accomplishing the conversion, the times, manner and method of payment and satisfaction of the converted lien, including the rate of interest which the converted lien shall bear and the times of payment thereof, but such interest shall not exceed seven per cent per annum.

B. The district secretary shall mail to the owner of each parcel of land within the district, at his last known address as it appears on the records of the district, a copy of the resolution, accompanied by a notice demanding that the landowner, within twenty days after the date of mailing the notice, execute a good and sufficient note or notes evidencing the amount of the converted lien, and a mortgage upon the lands of the owner located within the district and subject to the lien as security for payment of the note.

C. A copy of the resolution and notice shall be published at least once a week for two consecutive weeks in a newspaper of general circulation within the county in which the district office is located, the first of which shall be not less than twenty days prior to the date fixed by the notice for execution of the notes, mortgages or contracts therein mentioned. Publication of the resolution and notice shall be equivalent to service by mail upon any landowner whose address is unknown.

D. The form and contents of the notes and mortgages shall be prescribed by the board of directors.