When the legislature has made appropriations for any fiscal year as authorized by law, and when ad valorem and excise taxes sufficient to produce funds to pay such appropriations have been levied, if the loan commissioners of the state ascertain that the proceeds of the taxes levied will not be received in the state treasury in time to pay in cash the expenses provided for by such appropriations, they may anticipate the collection of such taxes by issuing and selling bonds designated as "state of Arizona tax anticipation bonds".

Terms Used In Arizona Laws 35-402

  • 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
  • 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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