Arizona Revised Statutes Title 48. Special Taxing Districts § 48-549. Resolution calling hearing when improvement bonds remain unsold; publication; determination of continuance or abandonment of project

A. When bonds authorized to be issued under the provisions of this article have been advertised for sale under the provisions of § 48-543, and the bonds have not been sold within two years from the date of the first advertisement for sale, the governing body of the municipality authorizing issuance of the bonds may provide for a hearing of all persons interested in the property affected by the opening or widening proceedings for the purpose of determining whether or not the proceedings shall be abandoned under the provisions of § 48-517 or whether they shall be continued by sale of the improvement bonds theretofore authorized without reappraisal of compensation and damages, or benefits, or whether they shall be continued under a reappraisal of the compensation and damages awarded for taking the property and of the benefits assessed for such opening or widening.

B. The hearing may be provided for by resolution which shall state:

C. The resolution, or a notice stating the matter as provided in subsection B of this section to be stated in the resolution, shall be published in a daily or weekly newspaper published in the municipality, on not less than two different days before the day fixed for the hearing, the first of which shall be not less than five days before the day fixed for the hearing.

D. At the hearing all persons interested shall be heard in support of written requests filed by them. The hearing may be continued from time to time by the governing body, and upon termination of the hearing or continuance thereof, the governing body shall enter an order in its minutes, determining what action shall be taken with respect to the proceedings.