Arizona Laws 35-465.03. Limitations on issuance of notes
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The amount of such notes issued by such taxing district in any fiscal year shall not exceed ninety per cent of the aggregate of all uncollected taxes estimated to be received by the district for the fiscal year as shown by the current budget.
Terms Used In Arizona Laws 35-465.03
- 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 35-465
- 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