Ariz. Rev. Stat. § 48-964 – District revenues; payment for certain improvements

A. Notwithstanding any other provision of this chapter, the board of directors of an improvement district may obligate, by resolution, by contract or by inclusion in any bonds issued by the district, the revenues generated by any domestic water or domestic wastewater system of the district for such period as is necessary to:
1. 1. Pay all maintenance and operating costs of the district, including compensation as provided by section 48-1013 for an elected board of directors.
2. 2. Provide such reserves as deemed necessary by the board of directors.
3. 3. Pay all billing costs, office expenses and the cost of collection.
4. 4. Purchase or improve the system or pay bonds or other contractual obligations issued or incurred for that purpose.
B. Notwithstanding any other provision of this chapter, at the option of the board of directors, revenues in excess of the requirements of subsection A may be:
1. 1. Applied to assessments due.
2. 2. Refunded to the property owner.
C. An obligation of revenues by the district that is made pursuant to this section is binding on all successors or assigns until the obligation is fully satisfied.