Arizona § 48-1411 - Payment of bonds; tax levy

§ 48-1411. Payment of bonds; tax levy

A. The board of supervisors, at the time of making the levy of taxes for county purposes, shall levy a tax for that year upon all real property and mobile homes in the district for the interest and redemption of the bonds for an amount sufficient to pay the interest on the bonds for that year, for the portion of the principal becoming due during that year, and in all events sufficient to raise annually for the first half of the term of the bonds an amount sufficient to pay the interest thereon and, during the balance of the term, sufficient to pay the annual interest and also to pay annually a portion of the principal of the bonds equal to a sum produced by taking the whole amount of the bonds outstanding and dividing it by the number of years the bonds have to run.

B. All taxes so levied, when collected, shall be paid into the county treasury to the credit of the bond fund of the district to be used solely for payment of principal and interest on the bonds. The principal and interest on the bonds shall be paid by the county treasurer on the warrant of the board of trustees from funds provided therefor and the board of trustees shall cancel and file with the board of supervisors the bonds when paid.