Terms Used In Arizona Laws > Title 48 > Chapter 4 > Article 5 - Street and Highway Improvement Bonds

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• 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
• city: includes incorporated cities and towns. See Arizona Laws 48-571
• Contract: A legal written agreement that becomes binding when signed.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• 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
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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, on the day the action or proceeding is commenced, appears the legal title to the lot by deed recorded in the recorder's office, or the person in possession of the lot under claim of title, or exercising acts of ownership over the lot for the person, or as the personal representative of the owner. See Arizona Laws 48-571
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• 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.
• Street: includes avenues, alleys, highways, lanes, crossings, intersections, courts, places and grounds now open or dedicated or hereafter opened or dedicated to public use, and public ways. See Arizona Laws 48-571
• Treasurer: includes any person who, under whatever official name, is the custodian of the funds of the city or town. See Arizona Laws 48-571
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.