Arizona Laws 48-2066. Form of bonds
A. The bonds shall be signed by the chairman of the board, attested by the secretary and sealed with the corporate seal of the district, and the interest coupons, if any, shall bear the facsimile signature of the chairman and secretary of the district.
Terms Used In Arizona Laws 48-2066
- Board: means the board of directors of the district or the board of supervisors acting as the board of directors pursuant to section 48-2010. See Arizona Laws 48-2041
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- improvement: means any of the improvements authorized to be made by this article, the construction, reconstruction and repair of all or part of the improvements and labor, services, incidental expenses and material necessary or incidental to the improvements. See Arizona Laws 48-2041
- Improvement bond: means a bond issued under this article. See Arizona Laws 48-2041
- Lien: A claim against real or personal property in satisfaction of a debt.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Treasurer: means a person who, under any official title, is the custodian of the monies of the sanitary district. See Arizona Laws 48-2041
B. The bonds shall be substantially in the following form:
_____________________ sanitary district of __________________ improvement bond.
Know all men by these presents: that the _________________ sanitary district of _______________ county, Arizona, a duly organized municipal corporation, promises to pay as hereinafter stated to the bearer hereof, on the ________ day of ________________, 19____, the sum of _________________ dollars, together with interest on such sum, at the rate of ______________ per cent per annum, payable semiannually on January 1 and July 1 of each year. Both principal and interest are payable at the office of the _________________ county treasurer (or bond registrar) at the option of the holder. The bond is issued in pursuance of law and is one of a series of ____________________ bonds of like tenor and date for the total sum of ____________________ dollars issued for that certain improvement in such sanitary district consisting of
(Briefly describing improvement),
initiated by resolution no. ___________ of _______________ sanitary district, and is payable only out of the special fund to be collected from special assessments imposed on the lots or parcels of land fronting on or benefited by such improvement. Such special fund is set apart by law for the payment of such bonds and can be used for no other purpose. It is hereby certified and declared that the improvement for which this series of bonds is issued is authorized by law, that all the acts, conditions and things required to be done, precedent to and in the issuing of this series of bonds, have been done, or will be done, and performed in regular and due form as required by the law of this state and all resolutions of the sanitary district, that the special assessments out of which such bonds are to be paid are first liens on the property assessed, subject only to the lien for general taxes and prior special assessments, and any bona fide purchaser for value of this bond has the right to rely on the recitals contained in the bond. For the assessment or reassessment, collection and payment of such special assessments, the full faith and diligence of such sanitary district are hereby irrevocably pledged.