After a taxing district has adopted a budget for the fiscal year as provided by law and the governing body determines that the revenues to be received by the district will not be received in time to pay the district’s projected expenses as set forth in the budget, the governing body may issue and sell revenue anticipation notes. The principal and interest on the revenue anticipation notes shall be paid solely from the revenues estimated by the taxing district to be received within that fiscal year.

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Terms Used In Arizona Laws 35-467.01

  • 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.
  • Fiscal year: means the period commencing on July 1 of any year and terminating on June 30 of the next succeeding year. See Arizona Laws 35-467
  • Governing body: means the body constituted by law to be the legislative department of the taxing district. See Arizona Laws 35-467
  • Revenue: means any monies derived other than from grants, ad valorem taxes, sales taxes or transaction privilege taxes or from this state. See Arizona Laws 35-467
  • Taxing district: means a city, county, school district or municipal corporation having the power to levy ad valorem taxes. See Arizona Laws 35-467
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