Arizona Revised Statutes Title 15. Education § 15-1028. Disposition of surplus tax monies

A. If a bond issue and interest thereon have been fully paid and a balance remains in the debt service fund from taxes collected for payment of the bonds and interest, the balance may be applied on the payment of other outstanding bonded indebtedness of the school district payable from the levy of taxes on property within the school district in which the excess tax monies were collected, or if there is no outstanding bonded indebtedness, the balance remaining in or accruing to the debt service fund, on written request of the governing board of the school district, shall be used for reduction of school district taxes.

B. When a school bond issue and interest thereon have been fully paid and a tax levy has thereafter been made on and taxes collected from property the situs of which is in a school district other than the original school district for which the levy was made, such taxes shall belong to the school district from which they were collected, and the county treasurer shall credit such taxes to the general school fund of the school district. The taxes may be expended by the governing board of the school district as other monies in its general school fund are expended.