Arizona Laws 35-1004. Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget
A. A governmental entity may deduct amounts which the governmental entity is to receive pursuant to swap agreements from the amounts due on its bonds or other long-term obligations for the purposes of determining:
Terms Used In Arizona Laws 35-1004
- 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.
- Governmental entity: means this state, any county, city, town, municipality or other political subdivision of this state or any department, agency, board, commission, authority, political subdivision, public corporation or other public entity of any of the foregoing or controlled by any of the foregoing, provided that each of the foregoing must comprise a geographical area with a population of at least three hundred thousand persons according to the most recent United States decennial census or special census. See Arizona Laws 35-1001
- Obligations: means bonds, notes, bond anticipation notes, commercial paper or other evidences of indebtedness or lease, installment purchase or other agreements or purchasing programs or certificates of participation. See Arizona Laws 35-1001
1. Whether a governmental entity has satisfied statutory requirements concerning revenue coverage that are applicable to its bonds or other long-term obligations.
2. Whether a governmental entity has satisfied any maximum rate of interest that may be paid on the bonds or other long-term obligations.
3. The amount of taxes, rates or charges to be levied or collected to pay amounts due upon its bonds or other long-term obligations.
B. Until payment of all obligations under swap agreements and the expiration of the fiscal year in which swap agreements are paid in full, no amounts collected for the purpose of paying amounts due under the swap agreements shall be subject to the provisions of Title 42, Chapter 17, Article 2.