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.
35-1004 - Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget
35-1004. Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget
A. A governmental entity may deduct amounts which the governmental entity is to receive pursuant to swap agreements from the amounts due on its bonds or other long-term obligations for the purposes of determining:
1. Whether a governmental entity has satisfied statutory requirements concerning revenue coverage that are applicable to its bonds or other long-term obligations.
2. Whether a governmental entity has satisfied any maximum rate of interest that may be paid on the bonds or other long-term obligations.
3. The amount of taxes, rates or charges to be levied or collected to pay amounts due upon its bonds or other long-term obligations.
B. Until payment of all obligations under swap agreements and the expiration of the fiscal year in which swap agreements are paid in full, no amounts collected for the purpose of paying amounts due under the swap agreements shall be subject to the provisions of title 42, chapter 17, article 2.