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REFERENCE TITLE: tax anticipation bonds; technical correction |
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State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
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HB 2721 |
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Introduced by Representative Montenegro
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AN ACT
amending section 35-403, arizona revised statutes; relating to tax anticipation bonds.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 35-403, Arizona Revised Statutes, is amended to read:
35-403. Form and contents of bonds
A. Tax anticipations anticipation bonds shall be signed by the governor, attested by the director of the department of administration and countersigned by the state treasurer, and shall be payable within six months from the date. They shall bear interest at such rate or rates, not exceeding nine per cent per annum, bear such date and shall be payable at such place as determined by the loan commissioners.
B. Each bond shall recite:
1. That it is issued in anticipation of state taxes theretofore levied but remaining uncollected.
2. The fiscal year or years for which the taxes were levied.
3. Whether it is payable from the proceeds of ad valorem taxes levied upon taxable property or from the state's share of excise taxes, or both.
4. That the bond is issued pursuant to this article.