Source: http://law.onecle.com/arizona/title-35/index.html
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Arizona Revised Statutes Title 35 - Public Finances - Legal Research
Arizona Revised Statutes Title 35 - Public Finances
Chapter 1 BUDGETARY AND FISCAL PROVISIONS FOR STATE AGENCIESArticle 1 General Provisions
§ 35-101 Definitions
In this chapter, unless the context otherwise requires: 1. " Allotment" means the allocation of an appropriation or other fund source over a full... § 35-102 Fiscal Year
A. The fiscal year of the state and for the expenditure of appropriations shall commence July 1 each year. Accounts or annual reports of... § 35-103 Annual Financial Reports; Notification; Payments
A. All state or county officers, boards, commissions or agencies that are required by law to prepare, make or publish annual reports of financial... Article 2 Budget Preparation
§ 35-111 Executive Budget; Revisions
Every year for annual budget units and biennially in odd-numbered years for biennial budget units, not later than five days after the regular session... § 35-112 Forms For Budget Unit Estimates; Date Of Transmittal
A. The governor shall prescribe the forms to be used by the budget units in submitting their budget estimates and requests for appropriations in... § 35-113 Submission Of Budget Estimates
Every year for annual budget units and biennially in even-numbered years for biennial budget units, the head of each budget unit, not later than... § 35-113.01 Request For Federal Funds
A. All state agencies, boards, commissions and departments shall submit to the department of administration for acknowledgment, copies of all agreements, contracts and copies... § 35-114 Continuous Financial Planning; Submission Of Tentative Budget Report; Appropriations Estimate Report
A. The governor shall have in continuous process of preparation and revision a tentative budget report for the next two ensuing years for biennial... § 35-115 Contents Of Budget Report
Each budget report as required by section 35-111 shall include the following: 1. Summary statements of the financial condition of the state, to include:... § 35-116 Supervisory Powers Of Governor Relating To Budget Report; Exceptions
A. Prior to submission of the budget report to the legislature, the governor shall examine the statements and estimates and shall make or cause... § 35-117 Participation Of Governor‑elect In Budget Hearings
The governor-elect shall be entitled to participate in all budget hearings and shall be furnished a copy of the budget report as approved by... § 35-118 Transmission Of Budget Report To Legislature
The governor shall have the budget report prepared in such number of copies as he deems necessary, and copies thereof shall be transmitted to... § 35-119 Assistance To Appropriation Committees
From the time of transmission of the budget report to the legislature until the appropriation act or acts have been finally disposed of, the... § 35-120 Additional Powers Of Governor
A. In aid of any powers vested in the governor under this article, the governor: 1. Shall have access to offices of all budget... § 35-121 Format Of Appropriations
The format of the appropriations for the support and maintenance of state departments and institutions shall be for each fiscal year for the annual... § 35-122 Strategic Plans; Program Lists; Compilation
A. Consistent with instructions issued by the governor, the administrative head of each budget unit is responsible for developing a list of programs for... § 35-123 Nonappropriated Monies; Report
The governor's office of strategic planning and budgeting shall prepare and distribute a separate report on or before February 1 of each year on... § 35-124 Performance Pay Component; Identification
Any performance pay that is authorized by the legislature shall be separately stated on each employee's paycheck receipt as performance pay. § 35-125 Revenue And Expenditure Estimates; Three-Year Plan; Public Hearing
The general appropriation act shall include a provision that delineates the revenue and expenditure estimates for the following three years. The expenditure estimates shall... Article 2.1 Accounting for State Funds
§ 35-131 Accounting System; Reports; Notice Of Deficiency; Forms
A. In accordance with generally accepted governmental accounting principles, the department of administration shall develop and prescribe for the use of all budget units... Article 3 Control of Receipts and Expenditures
§ 35-141 General Fund; Payment Of Salaries And Expenses
The general fund consists of all money received into the state treasury except money designated by law for other statutory funds. Salaries of state... § 35-142 Monies Kept In Funds Separate From State General Fund; Receipt And Withdrawal
A. All monies received for and belonging to the state shall be deposited in the state treasury and credited to the state general fund... § 35-142.01 Reimbursement Of Appropriated Funds; Receipt And Deposit; Prohibition; Inmate Health Care Services; Notice
A. Except as provided in subsections B and C of this section, when monies are appropriated to a budget unit for a specific program... § 35-143 Collection Through Budget Units; Time For Collection; Failure To Collect; Liability
A. Fees for licenses, permits, certificates of any kind and other amounts due any budget unit shall be collected at the time such licenses,... § 35-143.01 Special Funds; Appropriation; Reversion; Use
A. All monies deposited in special agency funds of self-supporting regulatory agencies, as provided in section 35-142, to be used by such agency for... § 35-144 Budget Stabilization Fund; Definitions
A. The budget stabilization fund is established consisting of monies transferred from the state general fund pursuant to subsection B of this section. The... § 35-145 Control Of Taxes Receivable From Counties; Statements From County Treasurer; Violation; Penalty
A. The treasurer of each county shall: 1. Remit to the state treasurer, on or before the fifteenth day of each month during each... § 35-146 Deposit Of Receipts By Budget Units
A. All monies received by any officer or employee of any budget unit shall be promptly remitted to the state treasurer and no monies... § 35-147 Treasurer's Deposits; Preparation And Disposition
A. The head of the budget unit or his authorized agent in depositing monies with the state treasurer shall use forms authorized by the... § 35-148 Payment For Interagency Services As Credit To Account Of Agency; Transfer Of Miscellaneous State Monies To General Fund; Exceptions
A. Interagency service agreements entered into between budget units may provide for reimbursement for services performed or advancement of funds for services to be... § 35-149 Disposition Of Private Funds; Contributions And Suspense Funds; Exception
A. Every department, institution, board or commission receiving private funds or contributions available for its support or for the purpose of defraying expenses or... § 35-150 Current Record Of Revenues; Enforcement Powers
A. The department of administration shall keep current a completely detailed list of all sources from which monies accrue to the state, classified according... § 35-151 Encumbrance Documents; Issuance And Disposition
A. An encumbrance document shall be processed in the state's accounting system before a budget unit issues a purchase order or encumbrance document against... § 35-152 Special Masters; Payment Of Fees And Expenses
A. An officer, employee or agent of this state shall not open and maintain an account for the purpose of paying fees and expenses... § 35-154 Unauthorized Obligations; Effect; Liability
A. No person shall incur, order or vote for the incurrence of any obligation against the state or for any expenditure not authorized by... § 35-155 Cash Deposit As An Alternative To A Surety Bond
A. Any budget unit which requires a person to post a surety bond to guarantee the faithful performance of a legal obligation may accept,... Article 4 Classification and Allotment of Funds
§ 35-171 Bookkeeping Procedures For Treasurer
All public money in the custody or possession of the state treasurer shall be placed and retained in a state fund pursuant to the... § 35-172 Authorized Expenditures Classed As Appropriated
A. For the purpose of accounting, budgeting, allotting and reporting, all expenditures authorized by either the general appropriation act or by any separate or... § 35-173 Allotment Of Appropriations; Limitations; Exceptions
A. An " allotment schedule" means a detailed plan of expenditures for a full fiscal year within a budget program or expenditure class. B.... § 35-174 Vacancy Savings; Definition; Personal Services And Employee Related Expenditures; Reversion
A. A " vacancy saving" is any monies saved or generated in personal services and employee related expenditures by: 1. Not filling a position... Article 5 Fiscal Procedures, Controls and Reports
§ 35-181.01 Presentation, Approval And Payment Of Claims And Payrolls; Amended Claims
A. All claims against the state for obligations authorized, required or permitted to be incurred by any state officer or agency shall be paid... § 35-181.02 Audit, Adjustment And Settlement Of Claims; Procedures For Rejection
A. The director of the department of administration shall audit, adjust and settle the amount of claims against this state payable out of funds... § 35-181.03 Audit Of Nonprofit Corporations Receiving State Monies; Definition
A. All state contracts with nonprofit corporations for assistance shall include requirements concerning financial and compliance audits. B. Each nonprofit corporation that receives in... § 35-182 Certification Of Claims
Before any claim against the state is paid by the department of administration, the department shall require a certification in a form prescribed by... § 35-183 Countersigning Of Warrants And Vouchers
All warrants and electronic funds transfer vouchers issued by the department of administration shall be countersigned by the governor, or shall bear the facsimile... § 35-184 Numbering Of Warrants
A. All warrants issued by the department of administration shall be numbered in the manner prescribed by the director of the department of administration... § 35-185 Disbursements Of Monies
A. All warrants and electronic funds transfer vouchers of the department of administration issued pursuant to this chapter shall constitute full and sufficient authority... § 35-185.01 Treasurer's Warrant Notes; Form; Redemption; Exception
A. If no monies are available for payment of warrants or electronic funds transfer vouchers of the department of administration presented to the state... § 35-185.02 Treasurer's Warrant Note Redemption Fund; Receipt; Appropriation
A. The treasurer's warrant note redemption fund is established. Any time that treasurer's warrant notes have been issued and remain outstanding, all monies that... § 35-186 Duplicate Warrants; Notice; Bond; Form And Effect
A. When it appears to the satisfaction of the department of administration, by affidavit or otherwise, that any warrant has been lost or destroyed... § 35-187 Warrants; Limitation On Payment
A warrant upon the state treasury shall not be paid unless presented to the state treasurer for payment prior to the void date printed... § 35-188 Allowance Of Set‑off Against State; Audit Of Claim
In all actions brought on behalf of the state, no debt shall be allowed against the state as a set-off unless it has been... § 35-189 Issuance Of Certificate For Claim For Which No Appropriation Made
In all instances in which the law recognizes a claim for money against the state, but no appropriation has been made by law to... § 35-190 Incurring Obligations After Close Of Fiscal Year; Lapsing Appropriations; Exceptions
A. Except as provided in section 35-191 no officer or other agency of the state shall, after the close of any fiscal year, incur... § 35-191 Administrative Adjustment; Refunds; Presentation And Disposition Of Claims; Exemption
A. A claim against this state arising out of contractual relations which has not been paid because of failure to file within the time... § 35-192 Authorization For Declaration Of Disaster; Authorization For Liabilities And Expenses; Priorities And Limitations; Review And Report Of Expenditures
A. The governor may declare an emergency arising from major disasters as provided in this section and incur liabilities therefor, regardless of whether or... § 35-192.01 Reimbursement Procedures
A. Political subdivisions may apply to the state director of emergency management for reimbursement of necessary expenses incurred in search or rescue operations, not... § 35-192.02 Travel Advances; Administration; Reimbursement
A. A budget unit shall record travel advances for state employees in the appropriate account as prescribed by procedures established by the department of... § 35-193 Revolving Funds
A. The supervisory official of a budget unit may apply to the department of administration to provide a revolving fund in an amount which... § 35-193.02 Special Services Revolving Fund; Contents; Administration; Annual Excess Reversion
A. There is established a permanent revolving fund to be known as the department of administration special services revolving fund. The services covered by... § 35-196 Illegal Withholding Or Expenditure Of State Monies; Civil Liability
Any state officer or employee who illegally withholds, expends or otherwise converts any state money to an unauthorized purpose shall be liable, either individually... § 35-196.01 Expenditure Of State Monies For Certain Purposes; Report
A. Subject to the approval of the director of the department of administration, a budget unit may spend any monies for either of the... § 35-196.02 Use Of Public Funds Or Insurance For Abortion Prohibited; Exception
A. Notwithstanding any provisions of law to the contrary, no public funds nor tax monies of this state or any political subdivision of this... § 35-196.03 Refunds For Invalid Tax Laws; Appropriation Required
Notwithstanding any provision of law to the contrary, no monies may be paid from the state treasury to refund monies collected under a law... § 35-196.04 Use Of Public Monies For Human Cloning; Prohibition; Definition
A. Notwithstanding any other law, tax monies of this state or any political subdivision of this state, federal monies passing through the state treasury... § 35-196.05 Public Funding; Family Planning Services; Contracting With Certain Facilities; Prohibition; Enforcement; Definitions
A. Subject to any applicable requirements of federal law, regulations or guidelines, any appropriation, expenditure or grant of public monies for family planning services... § 35-197 Violations; Classification
Any officer, agent or employee of the state who knowingly fails or refuses to comply with any of the provisions of this chapter is... Article 6 Recovery of State Monies Illegally Paid
§ 35-211 Approval, Allowance Or Payment Of Unauthorized Claim; Liability Of Parties; Penalty
When any person who is obligated to approve, audit, allow or pay claims or demands upon the state, approves, audits, allows or pays, or... § 35-212 Injunctive And Civil Remedies; Definition
A. The attorney general in his discretion may bring an action in the name of the state to enjoin the illegal payment of public... § 35-213 Failure Of Attorney General To Bring Action; Action By Taxpayer; Bond; Amount Of Recovery And Attorney Fees
A. If for sixty days after request made by a taxpayer of the state in writing, the attorney general fails to institute an action... § 35-214 Inspection And Audit Of Contract Provisions
A. Except as provided in subsection C, in all contracts and subcontracts for the furnishing of goods, equipment, labor, materials or services to the... § 35-215 Influencing, Obstructing Or Impairing Audit; Classification
A person who, with intent to defraud, or deceive, improperly influences, obstructs or impairs an audit being conducted or about to be conducted in... Chapter 2 HANDLING OF PUBLIC FUNDSArticle 1 Custodians of Public Money
§ 35-301 Duties And Liabilities Of Custodian Of Public Monies; Violations; Classification
A public officer or other person, including justices of the peace and constables, charged with the receipt, safekeeping, transfer or disbursement of public money... § 35-302 Public Money Defined
The phrase " public money" as used in this article includes bonds and evidence of indebtedness, and money belonging to, received or held by,... Article 2 State Management of Public Monies
§ 35-310 Definitions
In this article, unless the context otherwise requires: 1. " Eligible depository" means any commercial or savings bank or savings and loan association with... § 35-311 State Board Of Investment; Membership; Powers And Duties
A. A state board of investment is established consisting of the state treasurer, the director of the department of administration, the superintendent of financial... § 35-312 Eligible Depositories; Collateral
A. Any eligible depository that receives an investment or any deposit of treasury monies in excess of the amount insured by an instrumentality of... § 35-313 Investment Of Trust And Treasury Monies; Loan Of Securities
A. The state treasurer shall invest and reinvest trust and treasury monies in any of the following items: 1. Obligations issued or guaranteed by... § 35-314 Equity Investment Of Trust And Treasury Monies; Definition
A. The state treasurer may invest and reinvest monies in equity securities for any fund for which equity investment is authorized. B. The state... § 35-314.01 Permanent State Land Fund Monies; Investment
In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest monies of the state land funds established in... § 35-314.02 Budget Stabilization Fund Monies; Investment
In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest monies of the budget stabilization fund established in... § 35-314.03 State, Tribal And Political Subdivision Endowment Funds; State Investment Authority
A. In addition to the investment authority in section 35-313, the state treasurer may invest and reinvest trust monies of this state, state agencies,... § 35-315 Servicing Banks; Qualifications; Proposals
A. Any bank eligible to become an eligible depository having a total capital structure of ten million dollars or more and assets of one... § 35-316 Investment Pools; Deduction; Operating Fund
A. The state treasurer may establish and maintain investment pools for the collective investment of trust monies in this state. B. The state treasurer... § 35-317 State Treasurer; Duties; Safekeeping Of Securities; Interest; Exemptions; Responsibilities
A. The state treasurer is responsible for the safekeeping of all securities acquired by him under this article and those for which he is... § 35-318 Investment Managers And Advisors; Treasury Monies; Investment Services Account
A. The state treasurer may enter into an agreement with investment managers to invest treasury monies or with advisors to recommend investment strategies or... Article 2.1 Money Management
§ 35-321 Definitions
In this article, unless the context otherwise requires: 1. " Agency pool participant" means a subdivision or an entity of a subdivision that has... § 35-323 Investing Public Monies; Bidding; Security And Other Requirements
A. The treasurer shall invest and reinvest public monies in securities and deposits with a maximum maturity of five years. All public monies shall... § 35-323.01 Investment Of Government Monies In Deposits; Conditions; Definition
A. If an investing entity invests in deposits pursuant to section 9-492, subsection C, section 15-1025, subsection B, paragraph 7, section 35-313, subsection A,... § 35-324 Investment Of Trust Funds; Loan Of Securities; Sale Of Permanent Endowment Securities
A. The treasurer shall invest and reinvest monies of trust funds in: 1. Any and all of those securities permitted for the investment of... § 35-325 Servicing Bank Of Public Monies
A. Any bank that qualifies to become an eligible depository of the deposits of public monies, that has a total capital structure of ten... § 35-326 Local Government Investment Pool
A. The state treasurer may maintain one or more pooled investment funds for the collective investment of monies in this state. Securities or other... § 35-326.01 Long-Term Local Government Investment Pools; Fund; Exemption
A. The state treasurer may establish new long-term local government investment pools for trust and treasury monies, cities, towns, tribal governments, counties and political... § 35-327 Treasurer; Duties; Safekeeping Of Securities; Warrants Of Financial Officers; Earnings; Exemptions; Responsibilities
A. In the investment of trust funds, the responsible financial officer shall draw a warrant at the direction of the treasurer, payable from the... § 35-328 Investment Of Sinking Funds
A. All sinking funds of this state, or a county, city, town or school district, or hospital, irrigation or drainage district organized as provided... § 35-329 Funds Of Charter Cities
The provisions of this article relating to collateral for deposits of public monies in financial institutions apply to deposits in financial institutions of the... Article 3 Payment of Agency Accounts
§ 35-341 Definitions
In this article, unless the context otherwise requires: 1. " Agency" means any state agency, school district or office or agency established by either... § 35-342 Payment Of Agency Accounts; Delinquency; Interest
A. Any agency which purchases or procures goods and services from a nongovernmental entity on account shall pay the account in full within thirty... Article 6 Acceptance of County or Municipal Warrants as Payment of Public Debts
§ 35-381 Acceptance Of Warrants In Payment Of Debts; Exception
Warrants lawfully issued by a county, city or town, or by a county school superintendent on behalf of a school district, are assignable and... § 35-382 Effect Of Acceptance Of Warrants By County Treasurer
Warrants of a city, town or school district accepted in accordance with the provision of section 35-381 by the county treasurer as tax collector,... § 35-383 Charging Warrant To Respective Funds
Warrants accepted in payment of debts or demands, including taxes, shall be charged to the respective funds against which they are drawn. In the... Article 7 Credit Card Payments by Governmental Entities
§ 35-391 Credit Card Payments By Governmental Entities; Disclosure; Definitions
A. A governmental entity may require that a vendor accept a specific method of payment exclusively for any goods or services provided by the... Article 8 Terrorism Country Divestments
§ 35-392 State Treasurer And Retirement System Divestments; Policy Notices
A. The state board of investment, the Arizona state retirement system board and the board of trustees of the public safety personnel retirement system... Chapter 3 PUBLIC INDEBTEDNESSArticle 1 State Tax Anticipation Bonds
§ 35-401 Definitions
In this article, unless the context otherwise requires: 1. " Bonds" means tax anticipation bonds issued pursuant to this article. 2. " Loan commissioners"... § 35-402 Issuance Of Bonds
When the legislature has made appropriations for any fiscal year as authorized by law, and when ad valorem and excise taxes sufficient to produce... § 35-403 Form And Contents Of Bonds
A. Tax anticipations bonds shall be signed by the governor, attested by the director of the department of administration and countersigned by the state... § 35-404 Amount Of Bonds; Limitation
The total amount of tax anticipation bonds, including both principal and interest, shall not exceed fifty per cent of the ad valorem taxes, plus... § 35-405 Resolution For Issuance
The loan commissioners shall by resolution authorize the issuance of the bonds, which shall prescribe the form of the bonds, the form of the... § 35-406 Sale Of Bonds; Use Of Proceeds
A. The tax anticipation bonds shall be sold to the highest bidder who meets the conditions imposed by the loan commissioners, but shall not... § 35-407 Payment Of Bonds And Interest
When bonds are issued, the taxes upon which they are based and by which they are secured shall, when and as collected, be kept... § 35-408 Rights Of Holder Of Bond
The holder of any tax anticipation bond may, in his own name and on his own behalf, or on behalf of all the holders... Article 2 State Indebtedness Bonds
§ 35-421 State Loan Commissioners; Issuance Of Bonds; Exemption Of Bonds From Taxes
A. The governor, the director of the department of administration and the state treasurer shall constitute the loan commissioners of the state of Arizona.... § 35-422 Denominations And Terms Of Bonds
A. The bonds provided for in section 35-421 shall be issued as nearly as practicable in denominations of one thousand dollars, but bonds of... § 35-423 Interest Coupons
A. Coupons for interest shall be attached to each bond, shall be consecutively numbered and bear the same number as the bond to which... § 35-424 Sale Of Bonds; Notice, Publication And Bids
A. When the loan commissioners are authorized to issue bonds, or decide to refund or redeem all or any of the existing indebtedness of... § 35-425 Delivery Of Bonds
A. When the sale is awarded, the loan commissioners shall procure the necessary bonds, and, after signing the bonds, deliver them to the state... § 35-426 Application Of Proceeds To Redemption Of Indebtedness; Notice To Redeem
A. The money received by the state treasurer shall be applied by him to the redemption of the indebtedness for the redemption of which... § 35-427 Tax Levy For Amortization Of Bonds; Determination Of Tax Rate; Additional Levy; Application Of Monies; Violation; Penalty
A. There shall be levied annually upon the taxable property in this state, in addition to other levies, an amount sufficient to pay the... § 35-428 Redemption Of Bonds; Notice; Record Of Bonds Redeemed
A. When, after the expiration of fifteen years from the date of issuance of any bonds, there is in the redemption fund a surplus... § 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... § 35-430 Cancellation Of Redeemed Bonds; Record Of Redemption; Transmittal Of Abstract Of Record; Payment Of Interest
A. When the state treasurer pays or redeems any indebtedness he shall endorse, by writing or stamping in ink, on the face of the... § 35-431 Registration Of Bond; Effect; Entry Of Registration
When the owner of a bond authorized to be issued by this article presents it to the director of the department of administration with... Article 3 County and Other Municipal Indebtedness
§ 35-451 Local Debt Limit; Exclusion Of Tax‑exempt Property; Increase In Limitation; Authority To Issue Bonds
A. The total assessed valuation of taxable property used as a base figure in determining the limitation on the amount of bonds that may... § 35-451.01 Power To Use Outstanding Bond Authorizations Of Common Or High School Districts
A. All outstanding authorizations permitting the issuance of bonds, as provided in this article, or the incurring of debt by a common school district... § 35-452 Election To Authorize Indebtedness; Costs
A. The governing body or board of a political subdivision enumerated in section 35-451 may, and upon petition signed by fifteen per cent of... § 35-453 Order For Election
A. The governing body or board of the political subdivision shall order the election to be held at the regular voting places within the... § 35-454 Informational Pamphlet For Election; Review; Ballot; Election; Return; Canvass Of Vote; Certificate Of Election
A. The governing body or board of the political subdivision shall: 1. Not less than thirty-five days before the bond election, mail a copy... § 35-455 Issuance And Sale Of Bonds; Call For Election
A. When the political subdivision designated in this article desires to issue bonds or other evidences of indebtedness, the governing body or board thereof,... § 35-456 Amount, Denomination And Form Of Bonds
A. The governing body or board shall cause the bonds to be prepared in the amount and denominations authorized, or whole multiples of such... § 35-456.01 Bonds; Manual Affixing Of Signatures
Wherever any statute requires that any bond issued by a public body be signed manually by two or more officers or other individuals, all... § 35-457 Sale Of Bonds; Bids; Forfeiture Of Deposit; Definitions
A. Any or all of the bonds may be sold at public sale or through an online bidding process in a manner prescribed by... § 35-458 Levy Of Tax For Payment Of Interest And Bonds
A. After the bonds are issued, the governing body or board shall enter on its minutes a record of the bonds sold and their... § 35-458.01 Commercial Paper; Variable Rate Bonds; Compound Interest Bonds; Bonds Subject To Tender
A. Bonds issued by a city or town may bear interest at any rate or rates not in excess of the maximum voted rate,... § 35-459 Redemption Of Bonds And Coupons
A. When any bonds mature, the county treasurer, when the bonds have been issued by the county, the city or town treasurer, when the... § 35-460 Erection Of Buildings
If bonds for the purpose of erecting and furnishing a public building are authorized at the election, the board of supervisors for a county... § 35-461 Payment Of Expenses Of Bond Issues
The expenses of the proceedings provided for in this article shall be borne by the political subdivision instituting the proceedings. If the bonds authorized... Article 3.1 Tax Anticipation Notes
§ 35-465 Definitions
In this article, unless the context otherwise requires: 1. " City" means any city incorporated under the laws of this state. " City" also... § 35-465.01 Tax Anticipation Notes
After a taxing district has adopted a budget for the current fiscal year as provided by law and the governing body thereof ascertains that... § 35-465.02 Form Of Notes
The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or... § 35-465.03 Limitations On Issuance Of Notes
The amount of such notes issued by such taxing district in any fiscal year shall not exceed ninety per cent of the aggregate of... § 35-465.04 Application Of Taxes; Payment Of Notes
Upon the issuance of any tax anticipation notes all taxes which are pledged to pay the notes and which are thereafter received by the... § 35-465.05 Investment Of Tax Anticipation Note Proceeds; Period Of Investment Covenants
A. Tax anticipation note proceeds and taxes pledged to repay the tax anticipation notes may be invested by the treasurer in any securities or... § 35-465.06 Use Of Proceeds
The proceeds from the sale of the notes shall be paid into the treasury of the taxing district. The proceeds shall be used by... § 35-465.07 Rights Of Holders
The holder of any anticipation note may, in the holder's own name and on the holder's own behalf, or on behalf of all of... Article 3.2 Grant Anticipation Notes
§ 35-466 Definitions
In this article, unless the context otherwise requires: 1. " Governing body" means the body constituted by law to be the governing board of... § 35-466.01 Grant Anticipation Notes
After any issuer has entered into one or more grant agreements, its governing body may issue and sell grant anticipation notes, the principal and... § 35-466.02 Form Of Notes
The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or... § 35-466.03 Limitations On Issuance Of Notes
The amount of such notes secured by grant revenues issued by the issuer shall not exceed the aggregate of all uncollected grant revenues to... § 35-466.04 Application Of Grant Revenues; Principal And Interest Redemption Fund; Payment Of Notes
Upon the issuance of any grant anticipation notes, all grant revenues received by the issuer pursuant to the applicable grant agreement shall be collected... § 35-466.05 Investment Of Note Proceeds; Period Of Investment Covenants
A. Note proceeds may be invested in any of the following securities: 1. Bonds or other evidences of indebtedness of the United States of... § 35-466.06 Use Of Proceeds
The proceeds from the sale of the notes shall be paid into the treasury of the issuer and used by the issuer to defray... § 35-466.07 Rights Of Holders
The holder of any grant anticipation note may, in the holder's own name and on the holder's own behalf, or on behalf of all... § 35-466.08 Prohibition Against Obligating State Or Political Subdivisions; Payment From Grant Revenues
The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any... Article 3.3 Revenue Anticipation Notes
§ 35-467 Definitions
In this article, unless the context otherwise requires: 1. " City" means a city or town incorporated under the laws of this state. 2.... § 35-467.01 Revenue Anticipation Notes
After a taxing district has adopted a budget for the fiscal year as provided by law and the governing body determines that the revenues... § 35-467.02 Form Of Notes; Definition
Revenue anticipation notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date... § 35-467.03 Limitations On Issuance Of Notes
The amount of revenue anticipation notes issued by a taxing district in any fiscal year shall not exceed fifty per cent of the aggregate... § 35-467.04 Application Of Revenues, Principal And Interest Redemption Fund; Payment Of Notes
After the issuance of any revenue anticipation notes all revenues received by the taxing district shall be collected and paid into a special fund... § 35-467.05 Investment Of Note Proceeds; Period Of Investment Covenants
A. Note proceeds may be invested in any of the following: 1. Bonds or other evidences of indebtedness of the United States or any... § 35-467.06 Use Of Proceeds
The proceeds from the sale of revenue anticipation notes shall be paid into the treasury of the taxing district. The proceeds shall be used... § 35-467.07 Rights Of Holders
The holder of a revenue anticipation note, in the holder's name and on the holder's behalf or on behalf of all of the holders... § 35-467.08 Prohibition Against Obligating State Or Political Subdivisions; Payment From Revenues
This state or a political subdivision is not liable for the payment of the principal or interest on any revenue anticipation notes. Revenue anticipation... Article 3.4 Bonds Secured by Water Transportation Revenues
§ 35-468 Definitions
In this article, unless the context otherwise requires: 1. " Bond" means a bond authorized and issued under this article. 2. " Political subdivision"... § 35-468.01 Bonds Secured By Water Transportation Revenues
A. If a majority of the electors of a political subdivision voting at an election held pursuant to either article 3 of this chapter... § 35-468.02 Issuance Of Bonds
A. The governing body of the political subdivision shall authorize and issue the bonds, except that the board of supervisors of the county where... § 35-468.03 Supplemental Tax Levy; Interest Fund; Redemption Fund
A. After the bonds are issued, the governing body or board issuing the bonds shall annually levy and cause to be collected a tax,... § 35-468.04 Pledge Of Revenues To Secure Debt Instruments
Notwithstanding any other provision of this article, a political subdivision that receives water transportation revenues may pledge, by separate covenant included in the resolution... § 35-468.05 Agreement Of State
This state pledges to and agrees with the holders of the bonds that this state will not limit, alter or impair the rights vested... § 35-468.06 Bonds As Obligation Of Political Subdivision
Bonds issued under this article are obligations of the issuing political subdivision, are payable only according to their terms and are not general, special... § 35-468.07 Supplemental Law
This article is supplemental and alternative to any other provision of law that also enables a political subdivision to issue bonds. Article 4 Refunding County and Other Municipal Indebtedness
§ 35-471 Refunding Bonds; Resolution Authorizing Issuance; Definition
A. The board of supervisors, on behalf of the county, the governing body of a city or town or similar municipal corporation and a... § 35-472 Form And Contents Of Bonds; Payment Of Principal And Interest
A. The refunding bonds shall be negotiable in form, executed in the name of the county, school district, city or town or similar municipal... § 35-473 Limitation On Issuance Of Refunding Bonds
A. Notwithstanding the provisions of section 35-426 through section 35-429, or any other provision of law to the contrary, no bonds shall be issued... § 35-473.01 Refunding Bonds Issued In Advance Of Maturity Of The Bonds To Be Refunded; Definition
A. Refunding bonds, designated as such, may also be authorized, issued and sold pursuant to this article for the purpose of refunding any bonds... § 35-474 Levy Of Tax For Payment Of Bonds
The board of supervisors, on behalf of the county or a school district therein, or the governing body or board of a municipal corporation,... § 35-475 Exchange Or Sale Of Bonds; Record Of Bonds Paid Or Retired
A. The refunding bonds may be exchanged in like amount for the bonds to be refunded, or they may be sold by the governing... Article 4.1 Summary Sale of Property for Special Assessment Default
§ 35-481 Applicability
A. The provisions of this article shall be applicable when installments of principal and interest of a special assessment in a specific amount secured... § 35-482 Summary Sale Of Delinquent Property
A. As a cumulative remedy, if any installment is delinquent, the governing body may order the summary sale of the property as provided in... § 35-483 Option To Accelerate Upon Delinquency
A. If any installment is delinquent, the governing body may order that the whole of the unpaid principal amount of the assessment become immediately... Article 5 Registration and Payment of Bonds
§ 35-491 Registration Of Bonds; Payment Of Principal And Interest; Paying Agent; Security For Deposits; Record Date; Definition
A. Bonds of this state, any department, agency or instrumentality of this state or any political subdivision, municipal corporation or other entity authorized by... § 35-492 Reregistration Or Cancellation Of Registry Of Bond
A. The registered holder of a bond may, either in person or by a bank or trust company authorized to do business in this... § 35-493 Collection And Payment Of Bond Through Bank Or Trust Company; Effect
The proceedings authorizing any bond may permit the registered holder of the bond to authorize any bank or trust company authorized to do business... § 35-494 Contracts As Long‑term Obligations
Contracts employing registrars and paying agents made pursuant to this article are deemed to be long-term obligations within the meaning of article IX, sections... § 35-495 Supplemental Nature Of Article
If the provisions of this article are inconsistent with any other provision of law, in order to prescribe a form of bond which will... Article 6 Recording State, County and Municipal Bonds
§ 35-501 State Treasurer Records Of Bond Issues; Debt Level Analysis And Report
A. By June 30 of each year, the state treasurer shall ascertain and record in its office all issues of bonds, certificates of participation... § 35-502 Reports To State Treasurer; Omission Or Refusal To Comply; Classification
A. The governing body of the county, city, town, district or other political subdivision shall make such reports to the state treasurer as the... § 35-503 Calculation Of Debt Limits
A. For purposes of calculating all debt limits pursuant to article IX, section 8 or 8.1, Constitution of Arizona, the outstanding indebtedness of a... § 35-504 Debt Oversight Commission; Membership; Compensation; Duties; Commission Termination
A. In order to provide more accurate and meaningful information to the public regarding bond issues, the debt oversight commission is established in the... § 35-505 Exemption; Industrial Development
This article does not apply to corporations formed pursuant to chapters 5 and 6 of this title. Article 7 Federal Income Tax Considerations
§ 35-511 Definitions
In this article unless the context otherwise requires: 1. " Bond" means any bond, note, warrant, lease, lease purchase agreement or other interest bearing... § 35-512 Authority To Comply With Federal Income Tax Laws
A. The governing body of any department, agency, instrumentality of this state or any political subdivision may make any covenant, order any rebate, file... § 35-513 Rebate Set‑aside; Authorization
The state treasurer or the treasurer of any political subdivision may set aside such amounts as may be directed by the governing body or... § 35-514 Construction; Right To Contest; Supplemental Nature Of Article
A. This article is to be construed to be supplemental to and govern over any provision of law which prohibits rebates or other actions... § 35-515 Rebate Reporting; State Agencies
A. The state treasurer shall report to the United States government any rebate resulting from bonds issued by any state agency. The state treasurer... Chapter 4 BANKRUPTCY OF TAXING DISTRICTArticle 1 In General
§ 35-601 Definitions
For the purposes of this article: 1. " Federal bankruptcy statute" means the act of Congress entitled, " An act to establish a uniform... § 35-602 Exercise Of Powers
All powers granted by this article to taxing districts may be exercised by such districts, or, if such districts have no officers of their... § 35-603 Filing Petition; Payment Of Expenses
Any taxing district in this state is authorized to file the petition provided for in the federal bankruptcy statute and to incur and pay... § 35-604 Resolution Authorizing Filing Of Petition And Representation Of District By Attorney
Before the filing of the petition referred to in section 35-603, the taxing district shall adopt a resolution authorizing the filing thereof and authorizing... § 35-605 Powers Of Taxing District
Any taxing district is authorized and empowered to take any and all action necessary to carry out any plan of readjustment contemplated in the... § 35-606 Resolution Of District Assenting To Plan As Prerequisite Of Final Decree Of Court Becoming Effective
No final decree or order of the United States district court confirming a plan of readjustment shall be effective for the purpose of binding... § 35-607 Powers Of District To Consummate Plan; Issuance Of Refunding Bonds; Hearing Upon Resolution; Notice
A. Upon filing a certified copy of the resolution as provided by section 35-606, the taxing district may consummate the plan of readjustment, and... § 35-608 Purpose Of Article
This article shall not affect any other law covering the same subject matter, or apply to any proceedings thereunder, but is intended to and... Chapter 5 INDUSTRIAL DEVELOPMENT FINANCINGArticle 1 Incorporation
§ 35-701 Definitions
In this chapter, unless the context otherwise requires: 1. " Corporation" means any corporation organized as an authority as provided in this chapter. 2.... § 35-702 Proceedings To Incorporate Industrial Development Authority
A. Whenever any number of natural persons, not less than three, each of whom is a qualified elector of the municipality or the county... § 35-703 Articles Of Incorporation Of Industrial Development Authority
In addition to the requirements of title 10, the articles of incorporation shall set forth: 1. The names and residences of the applicants, together... § 35-704 Amendment To Articles
The articles of incorporation may at any time and from time to time be amended to make any changes therein and add any provisions... § 35-705 Board Of Directors
The authority shall have a board of directors in which all powers of the authority shall be vested and which shall consist of any... § 35-706 Corporate Powers
A. In addition to the powers granted to an industrial development authority by law, the authority has the following powers, together with all powers... § 35-707 Assumption Of Mortgage Loans
Notwithstanding the provisions of any other law, a corporation may prohibit the assumption of any single family mortgage loan purchased by it in accordance... § 35-708 Financing Certain Owner‑occupied Single Family Dwellings; Exception
A. For purposes of section 35-701, paragraph 6, in areas other than a slum or blighted area, the authority undertaking the bond issue shall... Article 2 Bonds
§ 35-721 Bonds Of The Corporation
A. All principal and interest of bonds issued by the corporation shall be payable solely out of the revenues, proceeds and receipts derived from... § 35-722 Approval By Elected Official If Required By Federal Law
The governor, the attorney general, or the state treasurer if designated by the governor, may approve the issuance of any bonds issued by a... § 35-723 Prohibition On State Debt
This chapter shall not be construed to authorize the incurrence of a debt by this state within the meaning of any constitutional provision or... § 35-724 Security For Bonds
The principal of and interest on any bonds issued by the corporation shall be secured by a pledge of the revenues, proceeds and receipts... § 35-725 Bonds Made Legal Investments
Bonds issued under the provisions of this chapter shall be legal investments for all banks, trust companies and insurance companies organized and operating under... § 35-726 Approval Of General Plan Before Issuing Bonds; Fee; Definition
A. Bonds shall not be issued by a corporation for the purpose of financing single family dwelling units pursuant to section 35-706, subsection A,... § 35-728 Additional Powers; Allocating Low‑income Housing Tax Credits; Report; Definition
A. In addition to the other powers granted to the department, the department may: l. Adopt rules for the conduct of its business and... § 35-729 Exemption From Procurement Code
For purposes of this article and chapter 7 of this title, the following are exempt from title 41, chapter 23 or other restrictions on... Article 3 Tax Exemption and Liability
§ 35-741 Exemption From Taxation
The corporation and its income and all bonds issued by it and the income therefrom shall be exempt from all taxation in this state,... § 35-742 Municipality Or County Not Liable
The municipality or the county shall not in any event be liable for the payment of the principal of or interest on any bonds... § 35-743 Liability Insurance
Notwithstanding any other provision of law, the municipality or county in which an industrial development authority corporation has been organized may expend public monies... Article 4 Corporations
§ 35-751 Earnings Of The Corporation And Exemption From Restrictions
A. The corporation shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to... § 35-752 Dissolution Of Corporation And Vesting Of Title In Municipality Or County
Whenever the board of directors of the corporation, by resolution, determines that the purposes for which the corporation was formed have been substantially complied... § 35-753 Recordation Of Documents
The articles of incorporation of the corporation and the certificate of dissolution of the corporation shall be filed for record with the corporation commission.
§ 35-754 Chapter Cumulative; No Notice Required
Neither this chapter nor anything herein contained shall be construed as a restriction or limitation upon any powers which the corporation otherwise might have... Article 5 Cooperation With Governmental Bodies
§ 35-761 Cooperation With Public Bodies
For the purposes of carrying out the intent and provisions of this chapter, the governing body of a municipality or county may enter into... § 35-762 Reviewing Entities; Approval Of Developments; Coordination; Definitions
A. Any reviewing entity exercising its statutory duties in connection with a project may agree with any other reviewing entity to share information, coordinate... Article 6 Student Loan Bond Programs
§ 35-771 Definitions
In this article, unless the context otherwise requires: 1. " Educational institution" means a university under the jurisdiction of the Arizona board of regents,... § 35-772 Student Loan Bonds
A. In addition to any powers granted under this chapter, a corporation is authorized to issue bonds in order to finance student loans made... § 35-773 State Program; Representative; Plan Approval; Bond Rating
A. All industrial development authorities are authorized to exercise powers and issue revenue bonds to finance student loans in accordance with this chapter so... Chapter 6 POLLUTION CONTROL FINANCINGArticle 1 Incorporation
§ 35-801 Definitions
In this chapter, unless the context otherwise requires: 1. " Corporation" means any pollution control corporation incorporated by a municipality or county pursuant to... § 35-802 Proceedings To Incorporate Pollution Control Corporations
A. Any three or more natural persons, each of whom is a qualified elector of the municipality or the county, may file with the... § 35-803 Articles Of Incorporation Of Pollution Control Corporations
In addition to the requirements of title 10, the articles of incorporation shall set forth: 1. The names and residences of the applicants and... § 35-804 Amendment To Articles
The articles of incorporation may be amended, provided that a majority of the members of the board of directors of the corporation first shall... § 35-805 Board Of Directors
The corporation shall have a board of directors in which all powers of the corporation shall be vested and which shall consist of not... § 35-806 Corporate Powers
A. In addition to the powers granted corporations by title 10, or otherwise, the corporation shall have the following powers, together with all powers... § 35-807 Earnings Of The Corporation
The corporation shall be a nonprofit corporation and no part of its net earnings remaining after payment of its debts and expenses shall inure... § 35-808 Dissolution Of Corporation
Whenever the board of directors of the corporation shall determine that the purpose for which the corporation was formed has been substantially accomplished and... § 35-809 Recordation Of Documents
The articles of incorporation and the certificate of dissolution of the corporation shall be filed for record with the corporation commission. § 35-810 Chapter Cumulative; No Notice Required
A. This chapter shall not be construed as a restriction or limitation upon any powers which the corporation otherwise might have under any laws... Article 2 Bonds
§ 35-821 Bonds Of The Corporation
A. All principal and interest of bonds issued by the corporation shall be payable solely out of the revenues and receipts derived from the... § 35-822 Security For Bonds
The principal and interest of any bonds issued by the corporation may be secured by a pledge of the revenues and receipts of the... § 35-823 Bonds As Legal Investments
Bonds issued under the provisions of this chapter are legal investments for all banks, trust companies and insurance companies organized and operating under the... Article 3 Tax Exemption and Liabilities
§ 35-831 Exemption From Taxation
The corporation and its income and all bonds issued by it and the income therefrom shall be exempt from all taxation in this state,... § 35-832 Municipality Or County Not Liable
The municipality or the county shall not in any event be liable for the payment of the principal or interest of any bonds of... Article 4 Cooperation With Governmental Bodies
§ 35-841 Cooperation With Governmental Bodies
For the purposes of carrying out the provisions of this chapter, the governing body of a municipality or county may enter into cooperative agreements... Chapter 7 ALLOCATION OF PRIVATE ACTIVITY BONDING AUTHORITYArticle 1 General Provisions
In this chapter, unless the context otherwise requires: 1. " Authority" means the Arizona commerce authority. 2. " Bond" means any obligation that is... § 35-902 Allocation
A. Subject to the provisions of this chapter, the total amount of the state ceiling is allocated among projects pursuant to this section. The... § 35-903 Arizona Commerce Authority Designated As State Registry; Fee
A. The Arizona commerce authority is designated as the exclusive state registry for: 1. Requests. 2. Recordation of confirmations, whether outstanding or lapsed. 3.... § 35-904 Obtaining And Issuing Confirmations
A. Subject to section 35-905, a confirmation allocating a portion of the state ceiling to a project must be obtained before the sale or... § 35-905 Restrictions On Confirmations
A. Before April 1 of each year, seventy per cent of the allocation to manufacturing projects described in section 35-902, subsection F is reserved... § 35-906 Allocations Obtained After June 30 Through 5:00 P. M. December 16
A. Any portions of the state ceiling, including any portions of the state ceiling subject to a confirmation for which bonds have not been... § 35-907 Allocations After 5:00 P. M. December 16
A. Any portions of the state ceiling for which bonds have not been issued by 5:00 p.m. December 16, other than confirmations extended pursuant... § 35-908 Principal Amount Of Bonds Issued Less Than Confirmation; Fee
A confirmation is effective as to bonds or mortgage credit certificates issued in lesser amounts than the principal amount set forth in the confirmation,... § 35-909 Confirmation Fees
On the earlier of three business days after notice of issuance of the confirmation pursuant to section 35-904, subsection H or the filing of... § 35-910 Extension Of Confirmations
A. A confirmation may be extended one time for up to ninety days but not later than December 16 on providing the authority with... § 35-911 Powers Of The Authority; Certifications
The authority may do all things necessary or desirable to carry out the purpose of this chapter, including issuing certifications regarding the aggregate amounts... § 35-912 Limitation Of Liability
No pecuniary recourse may be had for any claim based on any obligation contained in this chapter against this state or the authority or... § 35-913 Special Allocations For Mortgage Revenue Bonds And Mortgage Credit Certificates; Definitions
A. This section governs allocations of the state ceiling made by the chief executive officer pursuant to section 35-902, subsection C. B. If the... Chapter 8 SWAP AGREEMENTSArticle 1 General Provisions
§ 35-1001 Definitions
In this chapter, unless the context otherwise requires: 1. " Governmental entity" means this state, any county, city, town, municipality or other political subdivision... § 35-1002 Swap Agreements; Provisions; Purposes; Credit Enhancement
A. A governmental entity may enter into, modify, amend and terminate one or more swap agreements that it determines to be necessary or desirable... § 35-1003 Enforceability
Absent bad faith or actual knowledge to the contrary, a counterparty that enters into a swap agreement with a governmental entity may rely on... § 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... § 35-1005 Limitation On Effect Of Chapter
For purposes of this chapter, " governmental entity" does not include any agricultural improvement district formed or operating under title 48, chapter 17, and... Chapter 9 TRUST FUNDSArticle 1 General Provisions
§ 35-1101 Legislative Consideration; Funds; Trust Status; Report; Requirements
A. A statutory fund established prior to the effective date of this section may not be reclassified as a fund held in trust unless... Chapter 10 PUBLIC DEPOSITSArticle 1 General Provisions
§ 35-1201 Definitions
In this chapter, unless the context otherwise requires: 1. " Administrator" means the statewide collateral pool administrator. 2. " Default or insolvency" includes the... § 35-1202 Powers Of The Statewide Collateral Pool Administrator
The statewide collateral pool administrator is established in the office of the state treasurer. On or before July 1, 2014, the administrator shall have... § 35-1203 Subrogation Of Administrator To Depositor's Rights; Distribution Of Assets; Payment
On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of... § 35-1204 Mandatory Deposit Of Public Funds In Eligible Depositories; Notice; Exemption
A. Uninsured public deposits required to be secured by collateral pursuant to this chapter shall be deposited in an eligible depository. B. On written... § 35-1205 Authority To Make Public Deposits
A. All public depositors may make public deposits under the depositor's control in eligible depositories. The eligible depository shall secure any uninsured public deposits... § 35-1206 Public Depositors; Immunity
When deposits are made in accordance with this chapter, an official of a public depositor is not personally liable for any loss resulting from... § 35-1207 Collateral For Public Deposits
A. An eligible depository shall not accept or retain any public deposit that is required to be secured unless the eligible depository has deposited... § 35-1208 Qualified Escrow Agent; Substitutions
A. Eligible collateral shall be held as provided in this article or by policy of the administrator. Eligible collateral shall be held in the... § 35-1209 Reports Of Eligible Depositories
At the request of the administrator, each eligible depository shall submit to the administrator a report, as prescribed by the administrator, showing the current... § 35-1210 Procedure For Payment Of Losses
When the administrator determines that an eligible depository securing public deposits in accordance with this section is a defaulting depository, the administrator shall take... § 35-1211 Civil Penalties; Hearing; Noncompliance
A. The administrator may assess against and collect the following from an eligible depository for noncompliance with the requirements of this chapter: 1. A... § 35-1212 Fees; Public Deposit Administration Fund
A. The administrator shall annually assess every eligible depository that is securing any uninsured public deposits pursuant to this chapter a fee in an... Last modified: October 13, 2016