Arizona § 48-1618 Payment of bonds; release of lands from bond debt; exception

Arizona Statutes

§ 48-1618 — Payment of bonds; release of lands from bond debt; exception

Arizona § 48-1618

Title 48Arizona Revised Statutes

Ch. 11POWER DISTRICTS

Art. 5District Bonds

This text of Arizona § 48-1618 (Payment of bonds; release of lands from bond debt; exception) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 48-1618 (2026).

Text

A.The bonds and interest thereon shall be paid by revenue derived from an annual assessment and levy of taxes upon the real property of the district, and the real property of the district shall be liable to taxation for such payments.

B.Any parcel or parcels of land which have paid the proportionate share of the bonds before maturity based upon the acreage such parcel or parcels of land bear to the total bonded acreage of the district, together with interest thereon to and including the next following interest-paying day, shall be released and discharged from further levy of taxes for payment of the principal and interest of the bonds then outstanding, except as provided in subsection C of this section.

C.Such parcel or parcels of land shall be liable for assessment and levy of taxes

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A. The bonds and interest thereon shall be paid by revenue derived from an annual assessment and levy of taxes upon the real property of the district, and the real property of the district shall be liable to taxation for such payments.

B. Any parcel or parcels of land which have paid the proportionate share of the bonds before maturity based upon the acreage such parcel or parcels of land bear to the total bonded acreage of the district, together with interest thereon to and including the next following interest-paying day, shall be released and discharged from further levy of taxes for payment of the principal and interest of the bonds then outstanding, except as provided in subsection C of this section.

C. Such parcel or parcels of land shall be liable for assessment and levy of taxes for all other obligations of the district, and in case of default at maturity of any of the bonds, the lands shall be liable for that proportion of the defaulted bonded indebtedness which the acreage of such parcel or parcels of land bear to the total bonded indebtedness of the district.