Title 35 — Public Finances

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.

The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall not constitute a debt, le…

In this article, unless the context otherwise requires: 1. "City" means a city or town incorporated under the laws of this state. 2. "Fiscal year" means the period commencing on July 1 of any year and terminating on June 30 of the next succeeding year. 3. "Governing body" means t…

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 b…

Revenue anticipation 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 before the last day of the fiscal year, mature in such amount or amounts, bear interest at such rate or rates, be…

The amount of revenue anticipation notes issued by a taxing district in any fiscal year shall not exceed fifty per cent of the aggregate of all uncollected revenues estimated to be received by the district in the fiscal year as shown by the budget. Such revenues shall be limited …

After the issuance of any revenue anticipation notes all revenues received by the taxing district shall be collected and paid into a special fund to be known as the revenue anticipation note principal and interest redemption fund until such time as monies in the fund are sufficie…

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

The proceeds from the sale of revenue anticipation notes shall be paid into the treasury of the taxing district. The proceeds shall be used by the taxing district to defray the expenses of the district as set forth in the annual budget.

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

This state or a political subdivision is not liable for the payment of the principal or interest on any revenue anticipation notes. Revenue anticipation notes are not obligations of this state or a political subdivision and do not constitute a debt, legal or moral, of this state …

In this article, unless the context otherwise requires: 1. "Bond" means a bond authorized and issued under this article. 2. "Political subdivision" means any county, school district, community college district or special taxing district organized under title 48 in which remote mu…

A. If a majority of the electors of a political subdivision voting at an election held pursuant to either article 3 of this chapter or title 15, chapter 4, article 5 authorizes the issuance of bonds, the political subdivision may issue the bonds so authorized either in the manner…

A. The governing body of the political subdivision shall authorize and issue the bonds, except that the board of supervisors of the county where a school district is located, or the larger portion of a school district, if the district is located in more than one county, shall act…

A. After the bonds are issued, the governing body or board issuing the bonds 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 on all taxable property in the political subdivision, sufficient to pa…

Notwithstanding any other provision of this article, a political subdivision that receives water transportation revenues may pledge, by separate covenant included in the resolution authorizing the issuance of any bonds under this article or obligations it may incur, future receip…

This state pledges to and agrees with the holders of the bonds that this state will not limit, alter or impair the rights vested in any political subdivision under this article to receive the monies, including water transportation revenues or an equivalent source, necessary to pr…

Bonds issued under this article are obligations of the issuing political subdivision, are payable only according to their terms and are not general, special or other obligations of this state. The bonds do not constitute a legal debt of this state and are not enforceable against …

This article is supplemental and alternative to any other provision of law that also enables a political subdivision to issue bonds.

A. The board of supervisors, on behalf of the county, the governing body of a city or town or similar municipal corporation and a school district governing board may issue refunding bonds to refund the bonded indebtedness of such county, school district, city or town or other sim…

A. The refunding bonds shall be negotiable in form, executed in the name of the county, school district, city or town or similar municipal corporation, signed by the chairman of the governing board or body, countersigned by the county or municipal treasurer, sealed with the seal …

A. Notwithstanding the provisions of section 35-426 through section 35-429, or any other provision of law to the contrary, no bonds shall be issued by or on behalf of any county, school district, city or town, or other municipal corporation or political subdivision of the state f…

A. Refunding bonds, designated as such, may also be authorized, issued and sold pursuant to this article for the purpose of refunding any bonds theretofore issued under the authority of article 3 of this chapter or under the authority of both article 3 of this chapter and title 9…

A. The board of supervisors, on behalf of the county or a school district in the county, or the governing body or board of a municipal corporation that has issued refunding bonds shall levy, during each year in which the bonds are outstanding, a tax on all property in the politic…

A. The refunding bonds may be exchanged in like amount for the bonds to be refunded, or they may be sold by the governing board or body at not less than par and accrued interest, and the proceeds applied to the purpose for which the bonds were issued. B. The governing board or bo…

A. The provisions of this article shall be applicable when installments of principal and interest of a special assessment in a specific amount secured by a lien on property and on the security of which bonds shall have been issued either collectible in the manner and by the offic…

A. As a cumulative remedy, if any installment is delinquent, the governing body may order the summary sale of the property as provided in this section. B. The order of the governing body shall identify the property and shall state the amount of the delinquent installments for whi…

A. If any installment is delinquent, the governing body may order that the whole of the unpaid principal amount of the assessment become immediately due and payable, and be collected by summary sale proceedings pursuant to section 35-482. B. If such order is made, the amount for …

A. Bonds of this state, any department, agency or instrumentality of this state or any political subdivision, municipal corporation or other entity authorized by statute to issue bonds may be issued in a form that is registrable as to the principal or as to both principal and int…

A. The registered holder of a bond may, either in person or by a bank or trust company authorized to do business in this state, present the bond to the registrar with a written request endorsed on the bond that the bond be registered in the name of another person or that the regi…

The proceedings authorizing any bond may permit the registered holder of the bond to authorize any bank or trust company authorized to do business in this state to present the bond to the treasurer, finance director or paying agent of the issuer for payment of the principal there…

Contracts employing registrars and paying agents made pursuant to this article are deemed to be long-term obligations within the meaning of article IX, sections 18 and 19, Constitution of Arizona.

If the provisions of this article are inconsistent with any other provision of law, in order to prescribe a form of bond which will comply with the tax equity and fiscal responsibility act of 1982 (P.L. 97-248), the provisions of this article are controlling. The powers conferred…

A. On or before June 30 of each year, the department of administration shall ascertain and record in its office all issues of bonds, certificates of participation or other securities issued for a term in excess of one year by this state or a county, city, town, school district, i…

A. The governing body of the county, city, town, district or other political subdivision shall make such reports to the department of administration as the department requires relating to the issuance of the bonds and securities provided by section 35-501 and shall notify the dep…

A. For purposes of calculating all debt limits pursuant to article IX, section 8 or 8.1, Constitution of Arizona, the outstanding indebtedness of a jurisdiction shall equal the total principal amount of all bonds outstanding at the time of calculation. Bonds outstanding shall inc…

A. In order to provide more accurate and meaningful information to the public regarding bond issues, the debt oversight commission is established in the department of administration. B. The commission consists of the director of the department of administration, who serves as cha…