(A) Upon collection of repayment amounts pursuant to any public improvement ordered under § 50.36, which is located in a town or community facilities district, assessment district, and financed by assessments, such funds shall be deposited with the town or district, as applicable, Finance Director. The funds shall be applied against the outstanding indebtedness for which bonds were issued.
(B) Repayments for public improvements pursuant to § 50.36 may be used in combination with a general obligation bond issue. All amounts collected from such repayments may be deposited in the general obligation bond fund from which the public improvement project is financed.
(Ord. 05-12, passed 7-12-2005)
Statutory reference:
State Law Reference A.R.S. § 48-571
State Law Reference A.R.S. § 34-201.2