Arizona Statutes
§ 35-404 — Amount of bonds; limitation
Arizona·Title 35 Arizona Revised Statutes·Ch. 3 PUBLIC INDEBTEDNESS·Art. 1 State Tax Anticipation Bonds
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, uncollected and not in the state treasury at the time of issuance of the bonds.
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