2016 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-474 Levy of tax for payment of bonds

35-474. Levy of tax for payment of bonds

The board of supervisors, on behalf of the county or a school district in the county, or the governing body or board of a municipal corporation that has issued refunding bonds shall levy, during each year in which the bonds are outstanding, a tax on all property in the political subdivision for which the bonds are issued, sufficient to pay the annual interest on all bonds then outstanding and the annual installment of the principal thereof becoming due and payable in the next ensuing year. The annual levy shall not exceed the net amount necessary to meet annual payments of principal and interest, projected payments of principal and interest on new debt planned for the ensuing year, a reasonable delinquency factor, including an amount necessary to correct prior year errors or shortages in the levy, if applicable, and any expenses and fees required in conjunction with the authorization pursuant to section 35-512. Such taxes shall be levied, assessed and collected at the same time and in the same manner as other taxes are levied, assessed and collected. The proceeds of the taxes shall be kept in a special fund and shall be used only for the purpose for which collected.