35-467.01. Revenue anticipation notes
86 words·~1 min read·
/az/title-35/35-467-01A 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 fiscal year as provided by law and the governing body determines that the revenues to be received by the district will not be received in time to pay the district's projected expenses as set forth in the budget, the governing body may issue and sell revenue anticipation notes. The principal and interest on the revenue anticipation notes shall be paid solely from the revenues estimated by the taxing district to be received within that fiscal year.