In addition to the above limited power to contract debts the state may borrow money to repel invasion, suppress insurrection, or defend the state in time of war; but the money thus raised shall be applied exclusively to the object for which the loan shall have been authorized or to the repayment of the debt thereby created. No money shall be paid out of the state treasury, except in the manner provided by law.
Power of state to contract debts; purposes; limit; restrictions
Ariz. Const. art. IX, § 5 — under Public Debt, Revenue and Taxation.
Ariz. Const. art. IX, § 5
Power of state to contract debts; purposes; limit; restrictions