Arizona Laws 35-403. Form and contents of bonds
A. Tax anticipations bonds shall be signed by the governor, attested by the director of the department of administration and countersigned by the state treasurer, and shall be payable within six months from the date. They shall bear interest at such rate or rates, not exceeding nine per cent per annum, bear such date and shall be payable at such place as determined by the loan commissioners.
Terms Used In Arizona Laws 35-403
- Bonds: means tax anticipation bonds issued pursuant to this article. See Arizona Laws 35-401
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Loan commissioners: means the loan commissioners of this state. See Arizona Laws 35-401
- Property: includes both real and personal property. See Arizona Laws 1-215
- Taxes: means state excise taxes levied pursuant to lawful appropriations, which are due or will become due prior to the end of the fiscal year but which remain uncollected, in anticipation of which bonds may be issued. See Arizona Laws 35-401
- Treasurer: means state treasurer. See Arizona Laws 35-401
B. Each bond shall recite:
1. That it is issued in anticipation of state taxes theretofore levied but remaining uncollected.
2. The fiscal year or years for which the taxes were levied.
3. Whether it is payable from the proceeds of ad valorem taxes levied upon taxable property or from the state’s share of excise taxes, or both.
4. That the bond is issued pursuant to this article.