The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
35-429 - Issuance of state bonds for county, municipal or school district indebtedness
35-429. Issuance of state bonds for county, municipal or school district indebtedness
A. The board of supervisors of each county and the proper municipal or school authority shall report to the state loan commissioners the bonded and outstanding indebtedness of the county, municipality or school district, and, upon demand of such authorities, the loan commissioners shall provide for redeeming or refunding such indebtedness in the same manner as other state indebtedness and shall issue bonds of the state for any indebtedness authorized by law to be incurred by such county, municipality or school district.
B. The bonds shall be issued upon the faith and credit of the state only to the extent that it will cause to be levied and collected taxes for the payment of the principal and interest of such bonds, and pay the principal and interest when such bonds have been issued.
C. The county, municipality or school district shall pay into the state treasury, in addition to all other taxes authorized by law, amounts as directed by the director of the department of administration, to be levied for the payment of the principal and interest of such bonds issued for such county, municipality or school district, in the same manner provided for the payment of the principal and interest of state indebtedness.