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Arizona
Law
Arizona Revised Statutes
Title 35Arizona Revised Statutes Title 35
Public Finances
| Chapter 1 | BUDGETARY AND FISCAL PROVISIONS FOR STATE AGENCIES |
| Article 1 | General Provisions |
| 35-101 | Definitions |
| 35-102 | Fiscal year |
| 35-103 | Annual financial reports; notification; payments |
| Article 2 | Budget Preparation |
| 35-111 | Executive budget; revisions |
| 35-112 | Forms for budget unit estimates; date of transmittal |
| 35-113 | Submission of budget estimates |
| 35-113.01 | Request for federal funds |
| 35-114 | Continuous financial planning; submission of tentative budget report; appropriations estimate report |
| 35-115 | Contents of budget report |
| 35-116 | Supervisory powers of governor relating to budget report; exceptions |
| 35-117 | Participation of governor elect in budget hearings |
| 35-118 | Transmission of budget report to legislature |
| 35-119 | Assistance to appropriation committees |
| 35-120 | Additional powers of governor |
| 35-121 | Format of appropriations |
| 35-122 | Strategic plans; program lists; compilation |
| 35-123 | Nonappropriated monies; report |
| Article 2.1 | Accounting for State Funds |
| 35-131 | Accounting system; reports; notice of deficiency; forms |
| Article 3 | Control of Receipts and Expenditures |
| 35-141 | General fund; payment of salaries and expenses |
| 35-142 | Monies kept in funds separate from state general fund; receipt and withdrawal |
| 35-142.01 | Reimbursement of appropriated funds; receipt and deposit |
| 35-143 | Collection through budget units; time for collection; failure to collect; liability |
| 35-143.01 | Special funds; appropriation; reversion; use |
| 35-144 | Budget stabilization fund; definitions |
| 35-145 | Control of taxes receivable from counties; statements from county treasurer; violation; penalty |
| 35-146 | Deposit of receipts by budget units |
| 35-147 | Treasurer's deposits; preparation and disposition |
| 35-148 | Payment for interagency services as credit to account of agency; transfer of miscellaneous state monies to general fund; exceptions |
| 35-149 | Disposition of private funds; contributions and suspense funds; exception |
| 35-150 | Current record of revenues; enforcement powers |
| 35-151 | Encumbrance documents; issuance and disposition |
| 35-152 | Special masters; payment of fees and expenses |
| 35-154 | Unauthorized obligations; effect; liability |
| 35-155 | Cash deposit as an alternative to a surety bond |
| Article 4 | Classification and Allotment of Funds |
| 35-171 | Bookkeeping procedures for treasurer |
| 35-172 | Authorized expenditures classed as appropriated |
| 35-173 | Allotment of appropriations; limitations; exceptions |
| 35-174 | Vacancy savings; definition; personal services and employee related expenditures; reversion |
| Article 5 | Fiscal Procedures, Controls and Reports |
| 35-181.01 | Presentation, approval and payment of claims and payrolls; amended claims |
| 35-181.02 | Audit, adjustment and settlement of claims; procedures for rejection |
| 35-181.03 | Audit of nonprofit corporations receiving state monies; definition |
| 35-182 | Certification of claims |
| 35-183 | Countersigning of warrants and vouchers |
| 35-184 | Numbering of warrants |
| 35-185 | Disbursements of monies |
| 35-185.01 | Treasurer's warrant notes; form; redemption; exception |
| 35-185.02 | Treasurer's warrant note redemption fund; receipt; appropriation |
| 35-186 | Duplicate warrants; notice; bond; form and effect |
| 35-187 | Warrants; limitation on payment |
| 35-188 | Allowance of set off against state; audit of claim |
| 35-189 | Issuance of certificate for claim for which no appropriation made |
| 35-190 | Incurring obligations after close of fiscal year; lapsing appropriations; exceptions |
| 35-191 | Administrative adjustment; refunds; presentation and disposition of claims; exemption |
| 35-192 | Authorization for declaration of disaster; authorization for liabilities and expenses; priorities and limitations; review and report of expenditures |
| 35-192.01 | Reimbursement procedures |
| 35-192.02 | Travel advances; administration; reimbursement |
| 35-193 | Revolving funds |
| 35-193.02 | Special services revolving fund; contents; administration; annual excess reversion |
| 35-196 | Illegal withholding or expenditure of state monies; civil liability |
| 35-196.01 | Expenditure of state monies for certain purposes |
| 35-196.02 | Use of public funds for abortion prohibited; exception |
| 35-196.03 | Refunds for invalid tax laws; appropriation required |
| 35-196.04 | Use of public monies for human cloning; prohibition; definition |
| 35-197 | Violations; classification |
| Article 6 | Recovery of State Monies Illegally Paid |
| 35-211 | Approval, allowance or payment of unauthorized claim; liability of parties; penalty |
| 35-212 | Injunctive and civil remedies; definition |
| 35-213 | Failure of attorney general to bring action; action by taxpayer; bond; amount of recovery and attorney fees |
| 35-214 | Inspection and audit of contract provisions |
| 35-215 | Influencing, obstructing or impairing audit; classification |
| Chapter 2 | HANDLING OF PUBLIC FUNDS |
| Article 1 | Custodians of Public Money |
| 35-301 | Duties and liabilities of custodian of public monies; violations; classification |
| 35-302 | Public money defined |
| Article 2 | State Management of Public Monies |
| 35-310 | Definitions |
| 35-311 | State board of investment; membership; powers and duties |
| 35-312 | Eligible depositories; collateral |
| 35-313 | Investment of trust and treasury monies; loan of securities |
| 35-314 | Equity investment of trust and treasury monies; definition |
| 35-314.01 | Permanent state land fund monies; investment |
| 35-314.02 | Budget stabilization fund monies; investment |
| 35-315 | Servicing banks; qualifications; bids |
| 35-316 | Investment pools; deduction |
| 35-317 | State treasurer; duties; safekeeping of securities; interest; exemptions; responsibilities |
| 35-318 | Investment managers and advisors; treasury monies; investment services account |
| 35-319 | Reports; global security risk |
| Article 2.1 | Money Management |
| 35-321 | Definitions |
| 35-323 | Investing public monies; bidding; security and other requirements |
| 35-324 | Investment of trust funds; loan of securities; sale of permanent endowment securities |
| 35-325 | Servicing bank of public monies |
| 35-326 | Local government investment pool |
| 35-327 | Treasurer; duties; safekeeping of securities; warrants of financial officers; earnings; exemptions; responsibilities |
| 35-328 | Investment of sinking funds |
| 35-329 | Funds of charter cities |
| Article 3 | Payment of Agency Accounts |
| 35-341 | Definitions |
| 35-342 | Payment of agency accounts; delinquency; interest |
| Article 6 | Acceptance of County or Municipal Warrants as Payment of Public Debts |
| 35-381 | Acceptance of warrants in payment of debts; exception |
| 35-382 | Effect of acceptance of warrants by county treasurer |
| 35-383 | Charging warrant to respective funds |
| Chapter 3 | PUBLIC INDEBTEDNESS |
| Article 1 | State Tax Anticipation Bonds |
| 35-401 | Definitions |
| 35-402 | Issuance of bonds |
| 35-403 | Form and contents of bonds |
| 35-404 | Amount of bonds; limitation |
| 35-405 | Resolution for issuance |
| 35-406 | Sale of bonds; use of proceeds |
| 35-407 | Payment of bonds and interest |
| 35-408 | Rights of holder of bond |
| Article 2 | State Indebtedness Bonds |
| 35-421 | State loan commissioners; issuance of bonds; exemption of bonds from taxes |
| 35-422 | Denominations and terms of bonds |
| 35-423 | Interest coupons |
| 35-424 | Sale of bonds; notice, publication and bids |
| 35-425 | Delivery of bonds |
| 35-426 | Application of proceeds to redemption of indebtedness; notice to redeem |
| 35-427 | Tax levy for amortization of bonds; determination of tax rate; additional levy; application of monies; violation; penalty |
| 35-428 | Redemption of bonds; notice; record of bonds redeemed |
| 35-429 | Issuance of state bonds for county, municipal or school district indebtedness |
| 35-430 | Cancellation of redeemed bonds; record of redemption; transmittal of abstract of record; payment of interest |
| 35-431 | Registration of bond; effect; entry of registration |
| Article 3 | County and Other Municipal Indebtedness |
| 35-451 | Local debt limit; exclusion of tax exempt property; increase in limitation; authority to issue bonds |
| 35-451.01 | Power to use outstanding bond authorizations of common or high school districts |
| 35-452 | Election to authorize indebtedness; costs |
| 35-453 | Order for election |
| 35-454 | Informational pamphlet for election; review; election; return; canvass of vote; certificate of election |
| 35-455 | Issuance and sale of bonds; call for election |
| 35-456 | Amount, denomination and form of bonds |
| 35-456.01 | Bonds; manual affixing of signatures |
| 35-457 | Sale of bonds; notice; bids; forfeiture of deposit; definitions |
| 35-458 | Levy of tax for payment of interest and bonds |
| 35-458.01 | Commercial paper; variable rate bonds; compound interest bonds; bonds subject to tender |
| 35-459 | Redemption of bonds and coupons |
| 35-460 | Erection of buildings; call for bids; publication; award of contract; bond; proprietary specifications; conditions of contract; phase construction |
| 35-461 | Payment of expenses of bond issues |
| Article 3.1 | Tax Anticipation Notes |
| 35-465 | Definitions |
| 35-465.01 | Tax anticipation notes |
| 35-465.02 | Form of notes |
| 35-465.03 | Limitations on issuance of notes |
| 35-465.04 | Application of taxes; payment of notes |
| 35-465.05 | Investment of tax anticipation note proceeds; period of investment covenants |
| 35-465.06 | Use of proceeds |
| 35-465.07 | Rights of holders |
| Article 3.2 | Grant Anticipation Notes |
| 35-466 | Definitions |
| 35-466.01 | Grant anticipation notes |
| 35-466.02 | Form of notes |
| 35-466.03 | Limitations on issuance of notes |
| 35-466.04 | Application of grant revenues; principal and interest redemption fund; payment of notes |
| 35-466.05 | Investment of note proceeds; period of investment covenants |
| 35-466.06 | Use of proceeds |
| 35-466.07 | Rights of holders |
| 35-466.08 | Prohibition against obligating state or political subdivisions; payment from grant revenues |
| Article 3.3 | Revenue Anticipation Notes |
| 35-467 | Definitions |
| 35-467.01 | Revenue anticipation notes |
| 35-467.02 | Form of notes; definition |
| 35-467.03 | Limitations on issuance of notes |
| 35-467.04 | Application of revenues, principal and interest redemption fund; payment of notes |
| 35-467.05 | Investment of note proceeds; period of investment covenants |
| 35-467.06 | Use of proceeds |
| 35-467.07 | Rights of holders |
| 35-467.08 | Prohibition against obligating state or political subdivisions; payment from revenues |
| Article 3.4 | Bonds Secured by Water Transportation Revenues |
| 35-468 | Definitions |
| 35-468.01 | Bonds secured by water transportation revenues |
| 35-468.02 | Issuance of bonds |
| 35-468.03 | Supplemental tax levy; interest fund; redemption fund |
| 35-468.04 | Pledge of revenues to secure debt instruments |
| 35-468.05 | Agreement of state |
| 35-468.06 | Bonds as obligation of political subdivision |
| 35-468.07 | Supplemental law |
| Article 4 | Refunding County and Other Municipal Indebtedness |
| 35-471 | Refunding bonds; resolution authorizing issuance; definition |
| 35-472 | Form and contents of bonds; payment of principal and interest |
| 35-473 | Limitation on issuance of refunding bonds |
| 35-473.01 | Refunding bonds issued in advance of maturity of the bonds to be refunded; definition |
| 35-474 | Levy of tax for payment of bonds |
| 35-475 | Exchange or sale of bonds; record of bonds paid or retired |
| Article 4.1 | Summary Sale of Property for Special Assessment Default |
| 35-481 | Applicability |
| 35-482 | Summary sale of delinquent property |
| 35-483 | Option to accelerate upon delinquency |
| 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 |
| 35-492 | Reregistration or cancellation of registry of bond |
| 35-493 | Collection and payment of bond through bank or trust company; effect |
| 35-494 | Contracts as long term obligations |
| 35-495 | Supplemental nature of article |
| Article 6 | Recording State, County and Municipal Bonds |
| 35-501 | Department of revenue records of bond issues; debt level analysis and report |
| 35-502 | Reports to department of revenue; omission or refusal to comply; classification |
| 35-503 | Calculation of debt limits |
| 35-504 | Debt oversight commission; membership; compensation; duties |
| Article 7 | Federal Income Tax Considerations |
| 35-511 | Definitions |
| 35-512 | Authority to comply with federal income tax laws |
| 35-513 | Rebate set aside; authorization |
| 35-514 | Construction; right to contest; supplemental nature of article |
| 35-515 | Rebate reporting; state agencies |
| Chapter 4 | BANKRUPTCY OF TAXING DISTRICT |
| Article 1 | In General |
| 35-601 | Definitions |
| 35-602 | Exercise of powers |
| 35-603 | Filing petition; payment of expenses |
| 35-604 | Resolution authorizing filing of petition and representation of district by attorney |
| 35-605 | Powers of taxing district |
| 35-606 | Resolution of district assenting to plan as prerequisite of final decree of court becoming effective |
| 35-607 | Powers of district to consummate plan; issuance of refunding bonds; hearing upon resolution; notice |
| 35-608 | Purpose of article |
| Chapter 5 | INDUSTRIAL DEVELOPMENT FINANCING |
| Article 1 | Incorporation |
| 35-701 | Definitions |
| 35-702 | Proceedings to incorporate industrial development authority |
| 35-703 | Articles of incorporation of industrial development authority |
| 35-704 | Amendment to articles |
| 35-705 | Board of directors |
| 35-706 | Corporate powers |
| 35-707 | Assumption of mortgage loans |
| 35-708 | Financing certain owner occupied single family dwellings; exception |
| Article 2 | Bonds |
| 35-721 | Bonds of the corporation |
| 35-722 | Approval by elected official if required by federal law |
| 35-723 | Prohibition on state debt |
| 35-724 | Security for bonds |
| 35-725 | Bonds made legal investments |
| 35-726 | Approval of general plan before issuing bonds; fee; definition |
| 35-728 | Additional powers; allocating low income housing tax credits; report; definition |
| 35-729 | Exemption from procurement code |
| Article 3 | Tax Exemption and Liability |
| 35-741 | Exemption from taxation |
| 35-742 | Municipality or county not liable |
| 35-743 | Liability insurance |
| Article 4 | Corporations |
| 35-751 | Earnings of the corporation and exemption from restrictions |
| 35-752 | Dissolution of corporation and vesting of title in municipality or county |
| 35-753 | Recordation of documents |
| 35-754 | Chapter cumulative; no notice required |
| Article 5 | Cooperation With Governmental Bodies |
| 35-761 | Cooperation with public bodies |
| Chapter 6 | POLLUTION CONTROL FINANCING |
| Article 1 | Incorporation |
| 35-801 | Definitions |
| 35-802 | Proceedings to incorporate pollution control corporations |
| 35-803 | Articles of incorporation of pollution control corporations |
| 35-804 | Amendment to articles |
| 35-805 | Board of directors |
| 35-806 | Corporate powers |
| 35-807 | Earnings of the corporation |
| 35-808 | Dissolution of corporation |
| 35-809 | Recordation of documents |
| 35-810 | Chapter cumulative; no notice required |
| Article 2 | Bonds |
| 35-821 | Bonds of the corporation |
| 35-822 | Security for bonds |
| 35-823 | Bonds as legal investments |
| Article 3 | Tax Exemption and Liabilities |
| 35-831 | Exemption from taxation |
| 35-832 | Municipality or county not liable |
| Article 4 | Cooperation With Governmental Bodies |
| 35-841 | Cooperation with governmental bodies |
| Chapter 7 | ALLOCATION OF PRIVATE ACTIVITY BONDING AUTHORITY |
| Article 1 | General Provisions |
| 35-901 | Definitions |
| 35-902 | Allocation |
| 35-903 | Department of commerce designated as state registry; fee |
| 35-904 | Obtaining and issuing confirmations |
| 35-905 | Restrictions on confirmations |
| 35-906 | Allocations obtained after June 30 through 5:00 p.m. December 16 |
| 35-907 | Allocations after 5:00 p.m. December 16 |
| 35-908 | Principal amount of bonds issued less than confirmation; fee |
| 35-909 | Confirmation fees |
| 35-910 | Extension of confirmations |
| 35-911 | Board powers; certifications |
| 35-912 | Limitation of liability |
| 35-913 | Special allocations for mortgage revenue bonds and mortgage credit certificates; definitions |
| Chapter 8 | SWAP AGREEMENTS |
| Article 1 | General Provisions |
| 35-1001 | Definitions |
| 35-1002 | Swap agreements; provisions; purposes; credit enhancement |
| 35-1003 | Enforceability |
| 35-1004 | Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget |
| 35-1005 | Limitation on effect of chapter |
Richard Keyt is a business, transactions, contracts, real estate, estate planning and internet law attorney licensed to practice law in Arizona. He has provided legal services to businesses and people in Arizona since 1980. Formerly a partner at one of the largest law firms in Arizona, Rick now provides big firm quality legal services at small firm rates. Rick can be reached by telephone at 602-906-4953, email at rickkeyt@keytlaw.com and fax at 602-297-6890. Rick's Arizona law, internet, e-commerce and domain name law web site is KEYTLaw, located at www.keytlaw.com. Communicating with Richard Keyt via email or otherwise does not cause you to become a client or cause your communications to be confidential or subject to the attorney client privilege.
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