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.
A.R.S. § 35-465.03
Limitations on issuance of notes
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.