48-2852. Form of bonds
A. The bonds shall be signed by the chairman or president of the board, attested by
the clerk or secretary and sealed with the corporate seal of the district, and the
interest coupons, if any, shall bear the facsimile signature of the chairman and
secretary of the district.
B. The bonds shall be substantially in the following form:
_________________________ flood protection district of
_________________________ improvement bond.
Know all men by these presents: that the _________________ flood
protection district of _______________ county, Arizona (the "flood protection
district"), a duly organized municipal corporation, promises to pay as
hereinafter stated to the bearer hereof, on the ________ day of
________________, ____, the sum of _________________ dollars, together with
interest on such sum, at the rate of ______________ per cent per annum,
payable semiannually on January 1 and July 1 of each year. Both principal and
interest are payable at the office of the _________________ county treasurer
(or paying agent) at the option of the holder. The bond is issued in pursuance
of law and is one of a series of ____________________ bonds of like tenor and
date for the total sum of ____________________ dollars issued for that certain
improvement in such flood protection district consisting of (briefly
describe improvement) , initiated by resolution No. ___________ of
_______________ flood protection district, and is payable only out of the
special fund to be collected from special assessments imposed on the lots,
acres or parcels of land fronting on or benefited by such improvement. Such
special fund is set apart by law for the payment of such bonds and can be used
for no other purpose.
It is hereby certified and declared that the improvement for which this
series of bonds is issued is authorized by law, that all the acts, conditions
and things required to be done, precedent to and in the issuing of this series
of bonds, have been done or will be done, and performed in regular and due
form as required by the law of this state and all resolutions of the flood
protection district, that the special assessments out of which such bonds are
to be paid are first liens on the property assessed, subject only to the lien
for general taxes and prior special assessments, and any bona fide purchaser
for value of this bond has the right to rely on the recitals contained in the
bond. For the assessment or reassessment, collection and payment of such
special assessments, the full faith and diligence of such flood protection
district are hereby irrevocably pledged.
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