No bonds shall be issued by a district which will cause the total aggregate outstanding bonded indebtedness of the district and other district obligations for the payment of money to exceed sixty per cent of the estimated market value of the lands within the district, after its system or irrigation works has been completed, and for the irrigation works owned or to be acquired by the district with the proceeds of the bonds.
A.R.S. § 48-3194
Limitation on bonded indebtedness
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.