REFERENCE TITLE: state bonds; technical correction

State of Arizona Senate Forty-ninth Legislature Second Regular Session 2010

SB 1041

Introduced by Senator Burns

 

AN ACT

 

amending section 35-402, arizona revised statutes; relating to state tax anticipation bonds.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 35-402, Arizona Revised Statutes, is amended to read:

START_STATUTE35-402.  Issuance of bonds

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". END_STATUTE