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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Terms Used In Arizona Laws 35-404

  • Bonds: means tax anticipation bonds issued pursuant to this article. See Arizona Laws 35-401
  • including: means not limited to and is not a term of exclusion. 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
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