Arizona Laws 48-2061. Proportionate assessment; collection or issuance of bonds
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The board may, on completion of any portion of the improvement for which the contract price equals twenty thousand dollars or more, order an assessment for the proportionate part of the contract completed, and the proportionate amount shall be collected as provided in this article. If the resolution of intention for the improvement provides for the issuance of improvement bonds, the bonds shall be issued and delivered to the contractor for the proportionate amount of the contract price so assessed.
Terms Used In Arizona Laws 48-2061
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Contractor: means a contractor or a personal representative or assignee of a contractor. See Arizona Laws 48-2041
- 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