Arizona § 48-3249 Abrogation of agreement by failure to deposit fifty-one per cent of bonds

Arizona Statutes

§ 48-3249 — Abrogation of agreement by failure to deposit fifty-one per cent of bonds

Arizona § 48-3249

Title 48Arizona Revised Statutes

Ch. 19IRRIGATION AND WATER CONSERVATION DISTRICTS

Art. 12Insolvency of District

This text of Arizona § 48-3249 (Abrogation of agreement by failure to deposit fifty-one per cent of bonds) 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. § 48-3249 (2026).

Text

If the bonds of the district deposited with the state treasurer at the end of two years from the date of the adoption of the bondholders' agreement are less than fifty-one per cent of the principal amount of all bonds of the district then outstanding, the bondholders' agreement shall be abrogated and the committee discharged, and the state treasurer shall return any bonds theretofore deposited with him to the respective owners thereof.

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If the bonds of the district deposited with the state treasurer at the end of two years from the date of the adoption of the bondholders' agreement are less than fifty-one per cent of the principal amount of all bonds of the district then outstanding, the bondholders' agreement shall be abrogated and the committee discharged, and the state treasurer shall return any bonds theretofore deposited with him to the respective owners thereof.