After a taxing district has adopted a budget for the current fiscal year as provided by law and the governing body thereof ascertains that the taxes to be received by such district will not be received in time to pay the district’s projected expenses, as set forth in such budget, the governing body may issue and sell tax anticipation notes, the principal and interest on which are to be paid solely from the taxes estimated by such taxing district to be received for the current fiscal year and from the proceeds of the sale of such notes.

Terms Used In Arizona Laws 35-465.01

  • 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 35-465
  • 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.
  • Governing body: means the body constituted by law to be the legislative department of the taxing district. See Arizona Laws 35-465
  • Taxes: means ad valorem taxes levied or to be levied by the taxing district in the fiscal year, sales taxes and transaction privilege taxes levied by the taxing district and all amounts returned to the taxing district by the state. See Arizona Laws 35-465
  • Taxing district: means any city, county, school district or municipal corporation having the power to levy ad valorem taxes. See Arizona Laws 35-465
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