Arizona § 35-503 Calculation of debt limits

Arizona Statutes

§ 35-503 — Calculation of debt limits

Arizona § 35-503

Title 35Arizona Revised Statutes

Ch. 3PUBLIC INDEBTEDNESS

Art. 6Recording State, County and Municipal Bonds

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Bluebook

Ariz. Rev. Stat. Ann. § 35-503 (2026).

Text

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 include the principal amount of all bonds issued by the jurisdiction except principal that has been paid or for which monies have been deposited into a dedicated fund for the payment of the principal. The principal amount of a bond shall equal the par amount of the bond exclusive of any premium or discount.

B.The net assessed value of the full cash value is the basis for calculating the debt limitations prescribed in article IX, section 8 or 8.1, Constitution of Arizona.

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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 include the principal amount of all bonds issued by the jurisdiction except principal that has been paid or for which monies have been deposited into a dedicated fund for the payment of the principal. The principal amount of a bond shall equal the par amount of the bond exclusive of any premium or discount.

B. The net assessed value of the full cash value is the basis for calculating the debt limitations prescribed in article IX, section 8 or 8.1, Constitution of Arizona.