§ 35-402 — Issuance of bonds

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 levied will not be received in the state treasury in time to pay in cash the expenses provided for by such appropriations, they may anticipate the collection of such taxes by issuing and selling bonds designated as "state of Arizona tax anticipation bonds".