Code · Arizona · Title 35 — Public Buildings, Works, and Improvements

35-404. Amount of bonds; limitation

63 words·~1 min read·/az/title-35/35-404

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The total amount of tax anticipation bonds, including both principal and interest, shall not exceed fifty per cent of the ad valorem taxes, plus fifty per cent of the state's portion of excise taxes as estimated by the department of revenue, for the years recited in the bonds, uncollected and not in the state treasury at the time of issuance of the bonds.