35-465.01. Tax anticipation notes
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/az/title-35/35-465-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
After a taxing district has adopted a budget for the current fiscal year as provided by law and the governing body thereof ascertains that the taxes to be received by such district will not be received in time to pay the district's projected expenses, as set forth in such budget, the governing body may issue and sell tax anticipation notes, the principal and interest on which are to be paid solely from the taxes estimated by such taxing district to be received for the current fiscal year and from the proceeds of the sale of such notes.