Arizona § 48-2718 Limit of indebtedness; exception

Arizona Statutes

§ 48-2718 — Limit of indebtedness; exception

Arizona § 48-2718

Title 48Arizona Revised Statutes

Ch. 18DRAINAGE AND FLOOD PROTECTION DISTRICTS

Art. 5Financial Provisions

This text of Arizona § 48-2718 (Limit of indebtedness; exception) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 48-2718 (2026).

Text

The board of directors shall not incur any debt or liability whatever, either by issuing bonds or otherwise, in excess of the express provisions of this chapter, and any debt or liability incurred in excess of such express provisions shall be absolutely void, but for the purposes of organization, or for any of the purposes of this chapter, the board of directors may, before the collection of the first assessment, incur an indebtedness not exceeding in the aggregate two thousand dollars, and may cause warrants of the district to issue therefor bearing interest at seven per cent per annum.

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The board of directors shall not incur any debt or liability whatever, either by issuing bonds or otherwise, in excess of the express provisions of this chapter, and any debt or liability incurred in excess of such express provisions shall be absolutely void, but for the purposes of organization, or for any of the purposes of this chapter, the board of directors may, before the collection of the first assessment, incur an indebtedness not exceeding in the aggregate two thousand dollars, and may cause warrants of the district to issue therefor bearing interest at seven per cent per annum.