48-3254. Abrogation of agreement and discharge of committee when bond obligations discharged; discharge of individual from tax liability by payment of proportionate liability
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/az/title-48/48-3254A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. When all bond obligations of the district accrued or to accrue during the operation of the bondholders' agreement, and the expenses incident thereto, have been discharged in full, and upon the certificate of the state treasurer to that effect filed with the state certification board, the bondholders' agreement and the committee shall be abrogated and discharged, and all rights and powers of the district restricted or suspended by the bondholders' agreement shall be restored.
B. When an agreement has been entered into and executed by and between the bondholders' committee and the board of directors as provided by this article, or when any agreement is made by the board of directors and any group of bondholders acting individually or by a bondholders' committee, whether or not organized under the provisions of this article, whereby fifty-one per cent or more of such bondholders agree to accept in satisfaction of district bonds a stipulated price per acre, then any landowner may, if provided for in the agreement, discharge his land from the tax liability for the payment of bond interest and bond principal by paying his proportion of the bond tax liens.
Upon making payment of such proportionate liability there shall be issued to him by the bondholders' representative or a person designated in the agreement between the board of directors and the bondholders, a satisfaction of the bond liability, and the lands shall no longer be liable for the payment of bond principal or bond interest and shall be excluded from district assessments for such purposes. To the extent that the bond principal or bond interest is reduced by such individual payments, the annual tax levy of the district shall be correspondingly reduced and the board of directors shall levy a district tax only for the unsatisfied portion of bond principal and bond interest.