Arizona Revised Statutes Title 9. Cities and Towns § 9-1105. Financial statement of trustee; disposition of funds

A. Within sixty days from the first publication provided for by this article, the trustee shall make a full and true statement in writing of all monies expended by him, and his reasonable charges for time and services in the administration of the trust to that time which shall be and remain a first charge upon the lands in favor of the trustee.

B. The money collected shall be applied first to reimburse the parties who advanced the money to enter the townsite with interest at ten per cent per annum, and then to the discharge of other outstanding claims incurred in entering the townsite or executing the trust. Any surplus shall be paid to the governing body of the city or town, if incorporated, for making public improvements, or, if unincorporated, for making such public improvements as may be directed by a meeting of the citizens of the town to be held after thirty days notice by the trustee.