48-653. Limitation on refunding bonds; notice and hearing; definition
137 words·~1 min read·
/az/title-48/48-653A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Refunding bonds may be issued only if the total amount of principal of and interest on the refunding bonds does not exceed the total amount of remaining principal of and interest on the bonds to be refunded. The superintendent shall file a modified assessment reflecting the reduction in the assessment. If the modified assessment does not increase the assessment on any parcel or lot, the modified assessment may be approved by the governing body without providing notice or a hearing to the owners of affected parcels or lots.
If the modification results in an increase in the assessment to any parcel or lot, notice and, if required, a hearing shall be provided in the manner as provided in section 48-594.
B. For the purposes of this section, "superintendent" has the same meaning prescribed in section 48-571.