Arizona § 48-937 - Certification of unpaid assessments; payments by installment; interest; payments in advance

§ 48-937. Certification of unpaid assessments; payments by installment; interest; payments in advance

A. The superintendent, when certifying the list of assessments unpaid to the clerk, shall write the word "certified" on the record of the assessment opposite each assessment included in the list and all assessments of twenty-five dollars or over shall cease to be payable in cash and shall be payable only in annual installments that correspond to the maturity dates that are set forth on the bonds. These installments shall be due on December 1 or June 1 in each year preceding January 1 or July 1 on which the bonds become due. The lien of each assessment on the property assessed shall continue and remain in full force and effect until the assessment is fully paid.

B. An uncollected installment shall be added to the succeeding installment and, together with interest and penalties, shall be payable.

C. The number of installments in which the assessment is payable shall correspond to the number of years in which there are bonds to be paid, but the total number of installments shall not exceed twenty or not to exceed forty in the case of domestic water improvement districts and domestic wastewater improvement districts as defined by section 48-1011.

D. All assessments of twenty-five dollars or more not paid before the certification of assessments unpaid to the clerk shall bear interest from the date of the warrant at the same rate as that specified for the bonds in the resolution of intention. The interest shall be payable on June 1 and December 1 of each year, immediately before the interest becomes due on the bonds.

E. The board of directors may provide for receiving payment of the installments of the assessment before they become due, and using the proceeds in redeeming bonds presented for redemption by the owners thereof, or for investing the proceeds in improvement bonds for other work or other satisfactory investment, but no investment of the funds shall be made to prejudice the prompt payment of the bonds on the date they become due.