48-3255. Partial payment of bonds and interest
96 words·~1 min read·
/az/title-48/48-3255A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon granting the petition and during the retention of jurisdiction by the committee, if there are in the district treasury at any time funds available for the payment of bonds or interest thereon, but such amount is not sufficient to pay all outstanding bonds, interest coupons, or both, then due, the funds shall be held until they amount to at least twenty per cent of the total due on all outstanding bonds and coupons and shall then be apportioned and paid to the holders of the bonds which are then on deposit with the state treasurer.