AZ Rev Stat § 48-3124 (2021)
2021 Arizona Revised Statutes|Title 48 - Special Taxing Districts|§ 48-3124 - Remittance of collections to district treasurer; division of collections into funds; disbursements

48-3124.  Remittance of collections to district treasurer;  division of collections into funds;  disbursements A. The county treasurer of each county containing a portion of an irrigation district,  except the county treasurer of the county in which the office of the district is located,  on the fifteenth day of each month shall remit to the district treasurer all monies,  warrants,  coupons or bonds collected or received by him on account of the district. B. The district treasurer,  by computations based upon certified estimates as returned to the board of supervisors,  shall divide the money received from taxation on the lands of the district,  or from other sources,  into district funds corresponding with the purposes therein specified or for which they were paid. The monies received shall be divided as follows: 1. Money received on account of interest on the bonded indebtedness of a district shall be kept in an interest fund. 2. Money received on account of principal of bonded indebtedness of a district shall be kept in a bond fund. 3. Money received on account of the release and discharge of lands in the district from the lien of the bonded indebtedness of the district shall be kept in a call or prepayment fund. 4. Money received on account of maintenance,  operation and current expenses for the district shall be kept in a maintenance,  operation and current expense fund. 5. Money received on account of the levy for outstanding or deficiency warrants shall be kept in a deficiency fund. 6. Money received from any levy made for payment on completion of the irrigation works of the district shall be kept in a completion fund. 7. If a levy is made or money is received from any other source or for any other purpose,  the money shall be kept in a separate fund so designated as to identify the purpose for which the money was levied or received. C. The district treasurer shall pay from the bond fund the principal of bonds of the district at the time and place specified therein and shall pay from the interest fund the interest on bonds of the district at the time and place specified therein. The district treasurer shall pay from all of the other funds,  except the call and prepayment fund,  upon warrants of the district signed by the president and countersigned by the secretary of the district. D. When the call and prepayment fund contains one thousand dollars or more,  the district treasurer shall call in the highest numbered outstanding bonds equal to the amount on hand,  designating the numbers of the bonds called. The call shall be given by notice in a newspaper published in the county in which the office of the district is located for two weeks,  or in a newspaper published in any other place where the bonds are payable for ten days. After completion of publication of the notice,  the money to pay the bonds shall be held in the call and prepayment fund until the bonds are presented for payment,  and the interest on bonds so called shall cease sixty days after the date of first publication of the call.