Arizona Revised Statutes (Last Updated: March 31, 2016) |
Title 48. Special Taxing Districts |
Chapter 18. DRAINAGE AND FLOOD PROTECTION DISTRICTS |
Article 9. Destruction of Unsold Bonds or Reduction of Bonded Indebtedness |
Sec 48-2794. Authority to reduce bonded indebtedness
Latest version.
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When the board of directors determines that the authorized bonded indebtedness of the district is greater than the district will require to complete its system as planned, the board may call a special election for the purpose of voting upon a proposal to reduce the bonded indebtedness to an amount the board determines sufficient for such purpose.