Arizona Revised Statutes Title 48. Special Taxing Districts § 48-2849. Issuance of improvement bonds; fund for payment of bonds

A. The board may determine that improvement bonds shall be issued for the cost and expense of the flood protection facility. The bonds shall be issued in the name of the flood protection district but shall be made payable only from the special fund collected by the flood protection district from special assessments levied and assessed on the lots, acres or parcels fronting on the flood protection facility or, if an assessment district has been created by the resolution of intention for the work, on the lots, acres or parcels included in the assessment district.

B. All amounts collected from the special assessments shall be placed in the special fund and shall not be used for any purpose other than payment of the principal and interest of the bonds.