Arizona Laws 15-1634. Intergovernmental agreements; special assessments
A. Pursuant to section 48-582 or 48-920 or in conjunction with any street improvement made pursuant to any other statute, the board on behalf of this state or any university may enter into and shall be bound by intergovernmental agreements with one or more cities, counties or improvement districts for the purpose of improving streets adjacent to or running through university property by the construction of any or all of the improvements authorized in either Title 48, Chapter 4, articles 1 and 2 or Title 48, Chapter 6, Article 1.
Terms Used In Arizona Laws 15-1634
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: means an individual, partnership, corporation, association or public or private organization of any kind. See Arizona Laws 15-101
- Property: includes both real and personal property. See Arizona Laws 1-215
- Statute: A law passed by a legislature.
- 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. The agreement may provide that assessments may be levied against university property to secure repayment of the cost of the improvements. So long as this state or the board owns the land so assessed the assessment liens may not be enforced by sale or foreclosure. The agreement may also provide that the university’s share of any incidental cost may be paid by the board from any available fund of that university. The board shall pay or cause to be paid the installments of principal and interest coming due on the assessments and may pledge for the payment thereof any monies of the respective university which do not cause the agreement or assessment to become a debt of this state under, or contrary to, any constitutional provision and which do not violate any contract rights of any other person to be paid from the same source. The agreement shall provide that the payments due under the agreement include any penalties and additional interest that the owner of property subject to assessment would be required to pay on the delinquency of an installment of principal or interest.
C. In the agreement the board may waive any formal requirement, notice or prerequisite to levying an assessment.
D. If the board leases, long-term leases or sells any parcel subject to an assessment, the board shall require that the lessee’s or purchaser’s initial payment be in an amount at least sufficient to reimburse the board for the parcel’s allocative share of the monies previously expended to pay the assessment. The board shall return such amount to be reimbursed to the source of the monies under subsection B of this section.
E. Upon the sale of any parcel subject to an assessment, the lien of the assessment may be enforced by foreclosure and sale in the manner set forth in the respective statute authorizing the levying of the assessment.