A. The board may determine that improvement bonds shall be issued for the cost and expense of the improvement. The bonds shall be issued in the name of the sanitary district but shall be made payable only from the special fund collected by the sanitary district from special assessments levied and assessed on the lots fronting on the improvement and those benefited or, if an assessment district has been created by the resolution of intention for the work, on the lots included in the assessment district.

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Terms Used In Arizona Laws 48-2063

  • 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
  • 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

B. All amounts collected from the special assessment shall be placed in the special fund and shall not be used for any purpose other than payment of the principal and interest of the bonds.

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