48-662 - Arizona Statutes

48-662. Reinstatement of assessment on certain property; limitation A. At the time of issuing the refunding bonds provided for by this article, and as a part of such refunding, the governing body may surrender to the owner of or any person having an interest in or lien thereon, its interest in or to any lot or parcel of land sold to the municipality for any assessment levied for the bonds so refunded, upon payment by the owner or other person of interest at the rate paid on the bonds from the date of the sale on the amount for which the property was sold, including penalties accrued up to the sale and costs of the sale, but remitting penalties accruing after the date of the sale, and, with the consent of such owner, may reinstate the original assessment as if the sale had not been made. B. Notation of reinstatement shall be made on the record of the assessment by the superintendent, and thereupon the assessment shall be included among the assessments from which the unpaid bonds or refunding bonds shall be paid. The time that the first payment on the principal of the assessments on the reinstated property begins shall be the same as that on which the first installments on other assessments begin, both for the payment of refunding bonds and the unrefunded bonds, if any. The reinstated installments shall be payable annually after the installments authorized for the refunding bonds are paid, and the lien shall be correspondingly extended. The surrender and reinstatement may be made either before or after the expiration of time for redemption and after delivery of deed, but this section shall not be construed to limit the powers granted to the municipality by the law under which the original bonds were issued, or any amendment thereof.