The amount of revenue anticipation notes issued by a taxing district in any fiscal year shall not exceed fifty per cent of the aggregate of all uncollected revenues estimated to be received by the district in the fiscal year as shown by the budget. Such revenues shall be limited to assessments, charges, fees or other revenues derived from or associated with facilities existing and operating at the time the revenue anticipation notes are sold.
A.R.S. § 35-467.03
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.