48-1001 - Arizona Statutes

48-1001. Fund transfers; successive levies excused A. If the annual installments of special assessments of any county improvement district do not provide funds sufficient for the payment of the bonds and the interest thereon as they shall accrue, the board of supervisors may, after a public hearing and upon such notice as the board of supervisors deems necessary, exercise the option to transfer from the contingency portion of the county general fund to the district an amount sufficient to remove any deficiency. The board of directors of the district shall then immediately initiate collection of such deficiency by proceeding against the property delinquent in payment of special assessments. B. From the amount thereafter recovered from such delinquent property proceeded against pursuant to either section 48-946 or title 35, chapter 3, article 4.1 or this article or through the later collection of the delinquent assessments, the district shall transfer to the county general fund all such amounts recovered from the proceedings up to an amount equal to the amount previously transferred to the district.