Ariz. Rev. Stat. § 48-2852
_________________________ flood protection district of _________________________ improvement bond.
Know all men by these presents: that the _________________ flood protection district of _______________ county, Arizona (the "flood protection district"), a duly organized municipal corporation, promises to pay as hereinafter stated to the bearer hereof, on the ________ day of ________________, ____, the sum of _________________ dollars, together with interest on such sum, at the rate of ______________ per cent per annum, payable semiannually on January 1 and July 1 of each year. Both principal and interest are payable at the office of the _________________ county treasurer (or paying agent) at the option of the holder. The bond is issued in pursuance of law and is one of a series of ____________________ bonds of like tenor and date for the total sum of ____________________ dollars issued for that certain improvement in such flood protection district consisting of (briefly describe improvement) , initiated by resolution No. ___________ of _______________ flood protection district, and is payable only out of the special fund to be collected from special assessments imposed on the lots, acres or parcels of land fronting on or benefited by such improvement. Such special fund is set apart by law for the payment of such bonds and can be used for no other purpose.
It is hereby certified and declared that the improvement for which this series of bonds is issued is authorized by law, that all the acts, conditions and things required to be done, precedent to and in the issuing of this series of bonds, have been done or will be done, and performed in regular and due form as required by the law of this state and all resolutions of the flood protection district, that the special assessments out of which such bonds are to be paid are first liens on the property assessed, subject only to the lien for general taxes and prior special assessments, and any bona fide purchaser for value of this bond has the right to rely on the recitals contained in the bond. For the assessment or reassessment, collection and payment of such special assessments, the full faith and diligence of such flood protection district are hereby irrevocably pledged.
A.R.S. § 48-2852