Title 35 — Public Finances

In this article, unless the context otherwise requires: 1. "Bonds" means tax anticipation bonds issued pursuant to this article. 2. "Loan commissioners" means the loan commissioners of this state. 3. "Taxes" means state excise taxes levied pursuant to lawful appropriations, which…

When the legislature has made appropriations for any fiscal year as authorized by law, and when ad valorem and excise taxes sufficient to produce funds to pay such appropriations have been levied, if the loan commissioners of the state ascertain that the proceeds of the taxes lev…

A. Tax anticipations bonds shall be signed by the governor, attested by the director of the department of administration and countersigned by the state treasurer, and shall be payable within six months from the date. They shall bear interest at such rate or rates, not exceeding n…

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, un…

The loan commissioners shall by resolution authorize the issuance of the bonds, which shall prescribe the form of the bonds, the form of the interest coupons, the manner in which the coupons shall be signed and the particular taxes upon which the bonds are based, and shall fix th…

A. The tax anticipation bonds shall be sold to the highest bidder that meets the conditions imposed by the loan commissioners, but shall not be sold at less than par. B. When the issuance and sale of any bonds have been completed, the treasurer shall immediately call in and pay f…

When bonds are issued, the taxes upon which they are based and by which they are secured shall, when and as collected, be kept by the treasurer and used solely for payment of the bonds and interest thereon, until all of the bonds, together with the interest, are paid in full. The…

The holder of any tax anticipation bond may, in his own name and on his own behalf, or on behalf of all the holders of the bonds, compel by mandamus the performance of any duty imposed by this article.

A. The governor, the director of the department of administration and the state treasurer shall constitute the loan commissioners of the state of Arizona. B. The loan commissioners shall provide for payment of state indebtedness. For the purpose of paying, redeeming and refunding…

A. The bonds provided for in section 35-421 shall be issued as nearly as practicable in denominations of one thousand dollars, but bonds of a lower denomination not less than one hundred dollars may be issued when necessary. The bonds shall bear interest at a rate fixed by the co…

A. Coupons for interest shall be attached to each bond, shall be consecutively numbered and bear the same number as the bond to which it is attached, shall bear the facsimile signature of the state treasurer and shall cover the interest expressed in the bond from the date of issu…

A. When the loan commissioners are authorized to issue bonds, or decide to refund or redeem all or any of the existing indebtedness of the state, they shall direct the state treasurer to advertise the sale of the bonds to be issued for that purpose by causing a notice of such sal…

A. When the sale is awarded, the loan commissioners shall procure the necessary bonds, and, after signing the bonds, deliver them to the state treasurer, taking his receipt for the bonds, and charging him therewith. The treasurer shall deliver the bonds to the purchaser for cash,…

A. The state treasurer shall apply monies received to redeem the indebtedness of the bonds issued and shall give notice in the same manner as for paying and redeeming state warrants, checks and substitute checks, and electronic funds transfer vouchers. After the state treasurer r…

A. There shall be levied annually upon the taxable property in this state, in addition to other levies, an amount sufficient to pay the interest on all bonds issued under the provisions of this article, to be placed in the state treasury in the interest fund. Each year after such…

A. When, after the expiration of fifteen years from the date of issuance of any bonds, there is in the redemption fund a surplus of ten thousand dollars or more, the state treasurer shall advertise, in the same manner as required for bids for the sale of bonds, stating the amount…

A. The board of supervisors of each county and the proper municipal or school authority shall report to the state loan commissioners the bonded and outstanding indebtedness of the county, municipality or school district, and, upon demand of such authorities, the loan commissioner…

A. When the state treasurer pays or redeems any indebtedness, the treasurer shall endorse, by writing or stamping in ink, on the face of the paper evidencing such indebtedness so paid or redeemed, the words "redeemed and canceled" with the date of cancellation. B. The state treas…

When the owner of a bond authorized to be issued by this article presents it to the director of the department of administration with a request for its conversion into a registered bond, the director of the department of administration shall detach and cancel the coupons, and sta…

A. The aggregate indebtedness of a county, city, town or similar municipal corporation may be increased above six percent of the net assessed value of the full cash value of the property in such a political subdivision only as provided in this article. B. A multi-county water con…

A. All outstanding authorizations permitting the issuance of bonds, as provided in this article, or the incurring of debt by a common school district or a high school district at the time either such district becomes part of a unified school district, shall remain in full force a…

A. The governing body or board of a political subdivision enumerated in section 35-451 may, and upon petition signed by fifteen per cent of the qualified electors shall, order an election by such electors to determine whether such indebtedness shall be authorized. The election sh…

A. The governing body or board of the political subdivision shall order the election to be held at the regular voting places within the limits of such subdivision on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph …

A. The governing body or board of the political subdivision shall: 1. At least thirty-five days before the bond election, mail a copy of an informational pamphlet to every household within the political subdivision that contains a registered voter. The pamphlet shall contain info…

A. When the political subdivision designated in this article desires to issue bonds or other evidences of indebtedness, the governing body or board thereof, with the assent of a majority of the qualified electors therein voting at the election held as provided by section 35-454, …

A. The governing body or board shall cause the bonds to be prepared in the amount and denominations authorized, or whole multiples of such denominations, bearing the date of issuance and numbered in a convenient manner. Bonds voted at one or more elections, for one or more differ…

Wherever any statute requires that any bond issued by a public body be signed manually by two or more officers or other individuals, all such signatures and counter signatures may be printed, lithographed, engraved, or otherwise mechanically reproduced, except that one of the sig…

A. Any or all of the bonds may be sold at public sale or through an online bidding process in a manner prescribed by the governing body or board that includes the following: 1. If sold by public sale before the sale of any bonds the governing body or board shall meet and enter on…

A. After the bonds are issued, the governing body or board shall enter on its minutes a record of the bonds sold and their numbers and dates, and shall annually levy and cause to be collected a tax, at the same time and in the same manner as other taxes are levied and collected o…

A. Bonds issued by a city or town may bear interest at any rate or rates not in excess of the maximum voted rate, payable at the times determined by the governing body, provided that each such bond may be evidenced by one instrument, or if commercial paper by a succession of inst…

A. When any bonds mature, the county treasurer, when the bonds have been issued by the county, the city or town treasurer, when the bonds have been issued by a city or town, or the fiscal officer of other political subdivisions shall give notice for four weeks in a newspaper publ…

If bonds for the purpose of erecting and furnishing a public building are authorized at the election, the board of supervisors for a county and the governing body of a city, town or other municipal corporation shall authorize the design and construction of the building in accorda…

The expenses of the proceedings provided for in this article shall be borne by the political subdivision instituting the proceedings. If the bonds authorized by this article are sold, the expenses thereof shall be deducted from the proceeds of the sale.

B. The governing body or board shall order the election to be held and the election notice and procedures to be conducted in the manner prescribed by this article. An election called to change the purposes for which the monies may be spent may be held only on the first Tuesday fo…

In this article, unless the context otherwise requires: 1. "City" means any city incorporated under the laws of this state. "City" also includes any town incorporated under the laws of this state. 2. "County" means any county now or hereafter in existence in the state. 3. "Fiscal…

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 notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates occurring on or prior to the next July 31 following the end of the fiscal year in which the notes are issued, mature in such amount or amounts, be…

The amount of such notes issued by such taxing district in any fiscal year shall not exceed ninety per cent of the aggregate of all uncollected taxes estimated to be received by the district for the fiscal year as shown by the current budget.

Upon the issuance of any tax anticipation notes all taxes which are pledged to pay the notes and which are thereafter received by the taxing district shall be collected and held in the manner set forth in the resolution authorizing the notes or the notes themselves. The resolutio…

A. Tax anticipation note proceeds and taxes pledged to repay the tax anticipation notes may be invested by the treasurer in any securities or deposits eligible for investment of public monies pursuant to chapter 2, article 2.1 of this title or, if taxes, in the same manner such t…

The proceeds from the sale of the notes shall be paid into the treasury of the taxing district. The proceeds shall be used by the taxing district to pay the expenses of such district as set forth in the annual budget and to pay the expenses of the proceedings and the issuer's cos…

The holder of any anticipation note may, in the holder's own name and on the holder's own behalf, or on behalf of all of the holders of the notes, take whatever action may be necessary to compel the performance of any duty required by any section of this article.

In this article, unless the context otherwise requires: 1. "Governing body" means the body constituted by law to be the governing board of the issuer. 2. "Grant agreement" means any written agreement entered into with the issuer and the United States of America or any of its depa…

After any issuer has entered into one or more grant agreements, its governing body may issue and sell grant anticipation notes, the principal and interest on which are to be paid solely from the grant revenues to be received under the terms of such grant agreement or agreements. …

The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates not later than thirty days after the last date the grant revenues are to be received under the terms of the grant agreement or agreements, or with…

The amount of such notes secured by grant revenues issued by the issuer shall not exceed the aggregate of all uncollected grant revenues to be received by the governing body under the terms of the applicable grant agreement or agreements.

Upon the issuance of any grant anticipation notes, all grant revenues received by the issuer pursuant to the applicable grant agreement shall be collected and paid into a special fund to be known as the grant anticipation note principal and interest redemption fund until such tim…

A. Note proceeds may be invested in any of the following securities: 1. Bonds or other evidences of indebtedness of the United States of America or any of its agencies or instrumentalities when such obligations are guaranteed as to principal and interest by the United States of A…

The proceeds from the sale of the notes shall be paid into the treasury of the issuer and used by the issuer to defray the costs and expenses of the construction or acquisition of the project for which the grant or grants are being made, the legal and financial costs and expenses…

The holder of any grant anticipation note may, in the holder's own name and on the holder's own behalf, or on behalf of all of the holders of the notes, take whatever action may be necessary to compel the performance of any duty required by any section of this article.