Arizona Revised Statutes Title 48. Special Taxing Districts § 48-1597. Payment of taxes by evidences of indebtedness; release of lands from bonded indebtedness

A. Payment of taxes levied for district purposes may be made with matured bond interest coupons or warrants of a district at their par value when the aggregate amount of the coupons and warrants does not exceed the total amount of taxes due and to which aggregate amount a money payment is made sufficient to pay the balance of the taxes.

B. Payment of the amount necessary to be made for releasing any parcel or parcels of land from outstanding bonded indebtedness of the district may be made with district bonds, matured interest coupons or warrants, at their par value, or with an aggregate amount of warrants, bonds or interest coupons which singly, or in the aggregate, do not exceed the total amount necessary for release of such land, and to which aggregate amount a money payment is added sufficient to fully pay for release of such land.

C. The treasurer of the district shall accept payment made as provided by this section, and upon receipt of any warrants, bonds or coupons, shall immediately cancel them and they shall not thereafter be reissued, negotiated or circulated for any purpose.