A. When the district board certifies that the rural road improvements for which the district was formed are completed and comply with county standards, the district board shall dissolve the district.

Terms Used In Arizona Laws 48-1048

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: means the board of directors of the district, which shall be comprised of the members of the county board of supervisors, ex officio. See Arizona Laws 48-1031
  • Debt service: means the principal of, interest on and premium, if any, on the bonds, when due, whether at maturity or prior redemption and costs of registrars, trustees, paying agents or other agents necessary to handle the bonds and the costs of credit enhancement or liquidity support. See Arizona Laws 48-1031
  • District: means a tax levying rural road improvement district formed pursuant to this article. See Arizona Laws 48-1031
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Rural road: means a county highway that is included in the county regional transportation plan and that connects two state highways one of which leads to a hazardous waste facility contracted for, owned or operated by the state, any of its agencies, instrumentalities or political subdivisions. See Arizona Laws 48-1031

B. On dissolution of the district all assets of the district are transferred to the county.

C. All taxable property in the district remains subject to taxes for the payment of the principal or any interest on outstanding general obligation bonds notwithstanding dissolution of the district, and the county shall continue to levy such taxes against property in the dissolved district sufficient to produce revenue necessary to pay debt service on the bonds.

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