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2017 Arizona Revised Statutes
Title 48 - Special Taxing Districts
§ 48-3255 Partial payment of bonds and interest
Universal Citation: AZ Rev Stat § 48-3255 (2017)
48-3255. Partial payment of bonds and interest
Upon granting the petition and during the retention of jurisdiction by the committee, if there are in the district treasury at any time funds available for the payment of bonds or interest thereon, but such amount is not sufficient to pay all outstanding bonds, interest coupons, or both, then due, the funds shall be held until they amount to at least twenty per cent of the total due on all outstanding bonds and coupons and shall then be apportioned and paid to the holders of the bonds which are then on deposit with the state treasurer.
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