Arizona Laws 48-933. Issuance of improvement bonds; fund for payment of bonds
A. The board of directors may determine that improvement bonds be issued to represent the cost and expense of the work or improvement constructed. The bonds shall be issued in the name of the district but shall be made payable only from the special fund collected by the district from special assessments levied and assessed upon the lots fronting upon the street improved and those situated in the quarter block and irregular blocks adjoining and cornering upon the crossings, or where there is a termination in the two quarter blocks adjoining and cornering upon them halfway to the next main street crossing, and all the way to a boundary line of the district when no cross street intervenes, or, if an assessment district has been created by the resolution of intention for the work, upon the lots included within the limits of the assessment district.
Terms Used In Arizona Laws 48-933
- Block: means a parcel of ground, regular or irregular, bounded by streets or by streets and district boundary lines. See Arizona Laws 48-901
- improvement: includes any of the improvements mentioned and authorized to be made in this article, the construction, reconstruction and repair of all or any portion of any such improvement, and labor, services, expenses and material necessary or incidental thereto. See Arizona Laws 48-901
- Street: includes avenues, alleys, highways, lanes, crossings, intersections, courts, places and grounds opened or dedicated to public use and public ways. See Arizona Laws 48-901
B. All sums collected from the special assessments 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.