Arizona Laws 48-958. Disposition of surplus funds
A. If any money or property remains in the special fund for any bond issue after all the bonds are fully paid, it shall go to the general fund of the district, except that if the work has been fully completed and the maintenance of a general fund is not deemed necessary by the board of directors of the district then the surplus funds shall go to the general fund of the county.
Terms Used In Arizona Laws 48-958
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- improvement: includes any of the improvements mentioned and authorized to be made in this article, the construction, reconstruction and repair of all or any portion of any such improvement, and labor, services, expenses and material necessary or incidental thereto. See Arizona Laws 48-901
- Property: includes both real and personal property. See Arizona Laws 1-215
B. Notwithstanding subsection A of this section, if any money remains in the special fund for any bond issue after all the bonds are fully paid, and if the maintenance of a district general fund is deemed not necessary by the board of directors of the district, then the funds may be used to pay any outstanding bonds of any improvement district which lacks sufficient funds to fully pay all bonds.
C. On dissolution of a district pursuant to section 48-959 and on the passage of a period of two years with no activity, the county treasurer may request that the board of supervisors transfer all or part of any money remaining in any special or general fund of the district to the county general fund for purposes for which it was collected if required or for appropriation for the health, safety and welfare of the general public.