48-2025 - Arizona Statutes

48-2025. Tax levy to pay principal and interest of bonds A. The principal of and interest on bonds issued pursuant to this article shall be paid from revenue derived from an annual tax on the real property and mobile homes within the sanitary district issuing them, and such real property and mobile homes shall remain liable to taxes for payment of the bonds and interest until paid in full. B. Notwithstanding the provisions of subsection A, the board of directors of the district may provide that all or a portion of the district's annual revenue derived from sources other than taxes levied pursuant to this section may be used to pay principal and interest on bonds. So long as all principal, interest or sinking fund payments are current, the amount of the annual levy for payment of principal and interest may be reduced by the amount derived from other sources which are pledged or made available for the payment of principal and interest in such fiscal year. Whenever the district fails, in any fiscal year, to pay the required principal and interest or meet any required sinking fund payment, the difference may be made up by an emergency levy in the current fiscal year and, if not so made up, shall be included in a required levy the forthcoming fiscal year. C. The board of directors of a sanitary district shall annually, on or before August 15, certify to the board of supervisors the amount necessary to pay interest on and the portion of principal which will become due on bonds of the district during the ensuing year. D. The board of supervisors, at the time of levying general county taxes, shall levy and cause to be collected in the manner prescribed by law for county taxes, a tax upon the real property and mobile homes within the sanitary district, based upon the current assessment roll, sufficient to pay the amount certified by the board of directors. If the board of directors of a sanitary district fails to certify to the board of supervisors the amount necessary, the board of supervisors shall ascertain the amount which should have been certified and shall levy and cause to be collected a tax sufficient to produce that amount. E. The tax, when collected, shall be paid into the county treasury to the credit of the bond fund of the sanitary district, and shall be used solely for payment of the principal of and interest on the bonds. The county treasurer shall pay the principal and interest on the dates and at the places specified in the bonds in the manner provided by law for the payment of principal of and interest on county bonds.