Arizona Laws 15-1022. Tax levy for bonds; administration and disposition of tax; cancellation of paid bonds; security
A. The board of supervisors, at the time of making the levy of taxes for county purposes, shall levy a tax for the year on the taxable property in a school district or former school district canceled by election, which has outstanding school bonds for the interest and redemption of the bonds. The tax shall not be less than sufficient to pay the interest of the bonds for the year and the portion of the principal of the bonds becoming due during the year and in any event shall be enough to raise, annually, for the first half of the term of the bonds a sufficient amount to pay the interest thereon, and during the remainder of the term enough to pay the annual interest and to pay, annually, a portion of the principal of the bonds equal to an amount produced by taking the whole amount of bonds outstanding and dividing it by the number of years the bonds then have to run.
Terms Used In Arizona Laws 15-1022
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Governing board: means a body organized for the government and management of the schools within a school district or a county school superintendent in the conduct of an accommodation school. See Arizona Laws 15-101
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101
- Subject: means a division or field of organized knowledge, such as English or mathematics, or a selection from an organized body of knowledge for a course or teaching unit, such as the English novel or elementary algebra. See Arizona Laws 15-101
B. All monies, when collected, shall be paid into the county treasury to the credit of the debt service fund of the school district and shall be used only for payment of principal and interest on the bonds. The county treasurer shall keep the debt service fund separate from all other funds in the county treasury. The principal and interest on the bonds shall be paid by the county treasurer from the fund provided therefor.
C. The county treasurer or the treasurer’s designated agent shall cancel all bonds and coupons when paid.
D. All bonds, heretofore and hereafter issued, are secured by a lien on all revenues received pursuant to the tax levy. The lien arises automatically without the need for any action or authorization by the school district, the school district’s governing board or the county treasurer. The lien is valid and binding from the time of the issuance of the bonds. The revenues received pursuant to the levy of the tax are immediately subject to the lien. The lien attaches immediately to the revenues and is effective, binding and enforceable against the school district, the school district’s governing board and the county treasurer, their successors, transferees and creditors and all other parties asserting rights in the revenues, irrespective of whether the parties have notice of the lien, without the need for any physical delivery, recordation, filing or further act.