Arizona Laws 48-635. Disposition and investment of bond sale proceeds
A. The governing body shall keep the funds arising from the sale of the bonds separate and distinct from other funds, and invest and reinvest them in the improvement bonds issued for work and public improvements, or used for the purposes provided in articles 1 and 2 of this chapter, and shall collect the interest and principal on the bonds and credit it to the fund.
Terms Used In Arizona Laws 48-635
- 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
- Property: includes both real and personal property. See Arizona Laws 1-215
B. The municipality may sell, at the discretion of its governing body, any of the bonds by it purchased at a price not less than the price paid therefor and accrued interest. The receipts of the sale and all monies paid on account of assessments levied upon lots benefited by the improvements for which the improvement bonds have been issued shall be credited to the "general improvement fund," and may be again reinvested, or used, so that the improvement fund shall constitute a revolving fund for the purpose of enabling the property owners to pay their bonds and assessments in annual installments to the municipality, and thus enable the municipality to let contracts for the completion of the improvements on a cash basis.