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2017 Arizona Revised Statutes
Title 35 - Public Finances
§ 35-467.03 Limitations on issuance of notes
Universal Citation: AZ Rev Stat § 35-467.03 (2017)
35-467.03. Limitations on issuance of notes
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 to assessments, charges, fees or other revenues derived from or associated with facilities existing and operating at the time the revenue anticipation notes are sold.
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