§ 48-2064 Description of improvement bonds in resolution and notices

AZ Rev Stat § 48-2064 (2019) (N/A)

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48-2064. Description of improvement bonds in resolution and notices

A. If the board decides to issue improvement bonds, it shall so declare in the resolution of intention for the work and shall specify the maximum rate of interest which the bonds shall bear. A similar description of the bonds shall be inserted in all notices of the proceedings required to be published or posted and a notice that the bonds will be paid from a special fund collected in not more than thirty annual installments from the assessments of twenty-five dollars or more remaining unpaid at the date of the issuance of the bonds or thirty days after the date of the warrant, or five days after the decision of the board on an objection, except that if the initial purchaser of the bonds is the United States of America or any department, division or agency of the United States of America, the bonds may mature over a period that does not exceed forty-one years and the bonds will be paid from a special fund collected in not more than forty-one annual installments. A description of the bonds shall be included in the warrant.

B. All other proceedings for the work up to and including the approval of the assessment by the board, including delivery of the assessment to the contractor, demand of payment of the several assessments and the return and recording, shall be conducted as provided in this article.

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