Arizona Laws 48-595. Issuance of improvement bonds; fund for payment of bonds
A. The governing body 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 municipality but shall be made payable only from the special fund collected by the municipality 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 municipality 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 48-595
- Block: means any parcel of ground, whether regular or irregular, which is bounded by streets, or by one or more streets and by one or more boundary lines of the city or town. See Arizona Laws 48-571
- governing body: includes and means the body or board which by law is constituted the legislative department of an incorporated city or town. See Arizona Laws 48-571
- improvement: includes any or all of the improvements mentioned and authorized to be made in this and article 1 of this chapter and the construction, reconstruction and repair of all or any portion of the improvements, and all labor, services, incidental expenses and material necessary or incidental to the construction, reconstruction or repair. See Arizona Laws 48-571
- Street: includes avenues, alleys, highways, lanes, crossings, intersections, courts, places and grounds now open or dedicated or hereafter opened or dedicated to public use, and public ways. See Arizona Laws 48-571
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.