Arizona § 48-538 Issuance of improvement bonds to represent assessments

Arizona Statutes

§ 48-538 — Issuance of improvement bonds to represent assessments

Arizona § 48-538

Title 48Arizona Revised Statutes

Ch. 4MUNICIPAL IMPROVEMENT DISTRICTS

Art. 1Opening, Widening and Closing Public Ways

This text of Arizona § 48-538 (Issuance of improvement bonds to represent assessments) 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. § 48-538 (2026).

Text

The council may, at or before the confirmation of the assessment or assessment roll in proceedings under this article, by resolution, determine that improvement bonds be authorized and issued to represent the assessments. The bonds shall be issued in the name of the municipality, but shall be made payable only from the special fund collected by the municipality from special assessments levied and assessed upon the lots included within the limits of the assessment district. All sums collected from the special assessment shall be placed in the special fund and shall be used for no other purpose than payment of the principal and interest of the bonds.

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The council may, at or before the confirmation of the assessment or assessment roll in proceedings under this article, by resolution, determine that improvement bonds be authorized and issued to represent the assessments. The bonds shall be issued in the name of the municipality, but shall be made payable only from the special fund collected by the municipality from special assessments levied and assessed upon the lots included within the limits of the assessment district. All sums collected from the special assessment shall be placed in the special fund and shall be used for no other purpose than payment of the principal and interest of the bonds.