AZ Rev Stat § 48-2065 (2021)
2021 Arizona Revised Statutes|Title 48 - Special Taxing Districts|§ 48-2065 - List of unpaid assessments; issuance of bonds; denominations; due date

48-2065.  List of unpaid assessments;  issuance of bonds;  denominations;  due date A. After the prescribed time from the date of the warrant has expired and after the sanitary district has recorded the return,  the board shall make and certify a complete list of all unpaid assessments that amount to twenty-five dollars or more on any assessment. B. If any person,  before certification of the list,  presents to the board an affidavit that he is the owner of a lot on the list,  accompanied by the certificate of a searcher of record that the person is the owner of record,  and notifies the board,  in writing,  that he desires no bond to be issued for the assessment on the lot,  the assessment shall not be included in the list and shall remain collectible as provided in this article. The failure to file the notice bars any defense against the bonds,  except for the defense that the board did not have authority to issue the bonds. C. The clerk shall present the list to the district at its next meeting after the return has been recorded. At any time after awarding a contract for construction or acquisition,  the district by resolution,  may direct improvement bonds to be issued in an amount,  that shall not exceed the amount of unpaid assessments exceeding twenty-five dollars as may be shown on the certified list. The resolution shall prescribe the maximum number and denomination of the bonds,  and the times when payable,  which shall be so fixed that an approximately equal amount of principal shall be paid each year or any approximately equal aggregate amount of principal and interest shall be paid each year until the whole amount is paid. The bonds shall mature in a period that does not exceed thirty years and three months from the date of the bonds,  except that if the initial purchaser of the bonds is the United States of America or any department,  division or agency of the United States of America,  the bonds may mature over a period that does not exceed forty-one years. The denominations of the bonds shall be fixed by the district. The district may provide in the form of the bond for redemption before maturity by giving notice as the district determines to be reasonable and by the payment of a premium at redemption if the district determines a premium is advisable. The resolution shall also fix the place,  if any,  other than the office of the treasurer,  at which the bonds and the interest are payable. D. The bonds shall be issued as of the date determined by the district and shall bear interest from the date at the rate not more than that specified in the resolution of intention. They shall have semiannual interest payments,  the first of which is payable on January 1 or July 1,  as the case may be,  occurring no earlier than ninety days after the later of the date of the bond or the expected completion of the work,  and shall be for the interest accrued at that time. E. The due date of all bonds is January 1 or July 1,  as stated on the face of the bonds,  in the years in which they respectively become due. F. The district may sell the bonds at public sale,  or if the district has a population of more than two thousand persons and has been in existence for ten or more years at public or private sale,  at a price at or above par and accrued interest to the date of payment,  and at an interest rate not exceeding the maximum rate set in the resolution of intention. If the bonds are not sold by the district they shall be delivered to the contractor for the amount of the assessments remaining unpaid,  and the bonds shall bear interest at the maximum interest rate set forth in the resolution of intention. G. If the bonds are sold before the work or acquisition is completed,  the proceeds from the sale of the bonds shall be placed in a special fund to be held by the treasurer and to be used to pay incidental expenses and payments for construction or acquisition. Proceeds from the sale of the bonds shall be used for the acquisition mentioned in the resolution of intention or to make semimonthly or monthly payments to the contractor on a basis of ninety per cent of the value of the work actually performed as estimated by the district or engineer employed for those purposes to and including the fifteenth or last day of each calendar month. The balance shall be paid after the district has recorded a certificate of substantial completion of the work described in the resolution of intention,  in the same manner as the recording of the assessment. The district shall record the certificate after the work has been completed to its satisfaction. The district shall also cause a copy of the notice of completion to be mailed to each property owner in the same manner as the notice of hearing on the assessment. Pending use of the bond proceeds,  the treasurer may invest the proceeds in any investments for which sinking funds of this state may be invested or in the pooled investment fund established under section 35-326. Notwithstanding the foregoing,  if bond anticipation notes have been issued,  the bond proceeds,  or as much as are necessary,  shall be used to redeem the notes. H. Refunding bonds may be issued to refund all or any portion of an issue of bonds issued and sold pursuant to this section in the manner prescribed by title 35,  chapter 3,  article 4.