Arizona Revised Statutes Title 48. Special Taxing Districts § 48-3122. Payment of bonded indebtedness; release of lands

A. Payment of the amount necessary to be made for releasing any parcel of land from the outstanding bonded indebtedness of the district may be made with the district bonds, matured interest coupons or warrants, at their par value or with an aggregate amount of bonds, interest coupons or warrants 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 pay for release of such land.

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