Arizona Laws 48-964. District revenues; payment for certain improvements
A. Notwithstanding any other provision of this chapter, the board of directors of an improvement district may obligate, by resolution, by contract or by inclusion in any bonds issued by the district, the revenues generated by any domestic water or domestic wastewater system of the district for such period as is necessary to:
Terms Used In Arizona Laws 48-964
- Contract: A legal written agreement that becomes binding when signed.
- 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
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Owner: means the person in whom legal title appears by recorded deed, or the person in possession under claim or title, or the person exercising acts of ownership for himself or as the personal representative of the owner, including the boards of trustees of school districts and the boards of education of high school districts owning property within the proposed improvement district. See Arizona Laws 48-901
- Property: includes both real and personal property. See Arizona Laws 1-215
1. Pay all maintenance and operating costs of the district, including compensation as provided by section 48-1013 for an elected board of directors.
2. Provide such reserves as deemed necessary by the board of directors.
3. Pay all billing costs, office expenses and the cost of collection.
4. Purchase or improve the system or pay bonds or other contractual obligations issued or incurred for that purpose.
B. Notwithstanding any other provision of this chapter, at the option of the board of directors, revenues in excess of the requirements of subsection A may be:
1. Applied to assessments due.
2. Refunded to the property owner.
C. An obligation of revenues by the district that is made pursuant to this section is binding on all successors or assigns until the obligation is fully satisfied.