§ 48-539 Description of improvement bonds in resolutions and notices

AZ Rev Stat § 48-539 (2019) (N/A)

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48-539. Description of improvement bonds in resolutions and notices

A. When the city council determines that improvement bonds shall be issued, it shall so declare either in the resolution of intention for the improvement, or by a special resolution adopted at or before the confirmation of the assessment or assessment roll in proceedings under this article, and shall specify the rate of interest which they shall bear. A like description of the bonds shall be inserted in all notices of the proceedings required to be published or posted subsequent to the adoption of the resolution providing for the issuance of improvement bonds, and also a notice that the bonds will be paid from a special fund collected in not to exceed twenty-five annual installments from the assessments of fifty dollars or over, remaining unpaid thirty days from the date of the first publication of the notice provided for in section 48-525.

B. All other proceedings for the improvement up to and including the recording of the assessment and diagram, as provided in section 48-523, and the payment of assessment by setting off compensation, as provided in section 48-524, shall be in all respects as provided by this article.

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