NEW : Judge sets bail at $ 500 . Mayor of Arizona is indicted on fraud , money laundering charges . Search warrant executed at mayor 's home , office , car . Charges allege mayor took money to pay bond .
NEW : Judge sets bond at $ 250,000 . Mayor of Arizona city indicted on fraud , money laundering charges . Search warrants executed at mayor 's home , office , business . Charges allege mayor took money to obtain contracts .