A. All bonds issued under the provisions of this chapter shall be a lien upon the real property included in the district, and such bonds and the interest thereon shall be payable from the levy of taxes upon the real property included in the district. All the real property in the district shall be and remain liable to taxation for such payments, but whenever any such bonds are additionally secured by a pledge of the income, revenue and receipts of the district as provided in this chapter, the board shall abate the levy of any tax herein required for the current year in which the income, revenue and receipts to be received by the district, or on hand for that purpose, will be sufficient to make the principal and interest payments due upon such bonds.

Terms Used In Arizona Laws 48-2445

  • District: means an agricultural improvement district. See Arizona Laws 48-2301
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

B. This section shall not be construed as creating, or intended to create, any lien on or to authorize any tax against any state, school or university lands included within a district.