{"data":{"id":"us-az/a.r.s.-48-7021","jurisdiction":"us-az","citation":"A.R.S. § 48-7021","heading":"General obligation bonds debt limitations; maximum authorized tax rate","body":"A. The total aggregate outstanding amount of general obligation bonds and any other indebtedness for which the ad valorem taxes of the district are pledged shall not exceed sixty percent of the aggregate of the projected market value of the real property and improvements in the district after the public infrastructure to be constructed or acquired by the district with the proceeds of such general obligation bonds is completed, plus the value of the public infrastructure owned by the district and to be constructed or acquired by the district with the proceeds of such general obligation bonds.\n\nB. Any ad valorem tax levied to pay the debt service on all general obligation bonds of the district shall not be levied at a rate that exceeds the maximum authorized tax rate of $5 per $100 of net assessed limited property valuation of property within the boundaries of the district. The maximum authorized tax rate shall be indicated in the petition and the formation order and shall be approved at an election held pursuant to section 48-7041. The maximum authorized tax rate is the maximum tax rate that may be used to price and size any issue of general obligation bonds of the district and the board may not assume an annual growth rate for limited property value in excess of five percent. If, in any fiscal year, application of the maximum authorized tax rate to the net assessed limited property valuation of real and personal property in the district, together with any monies from the sources described in section 48-7007, is insufficient to pay debt service on the bonds in the fiscal year, the district shall levy such additional ad valorem taxes as are necessary to pay such debt service when due, except that the levy of such additional ad valorem taxes shall not exceed a rate of $7.50 per $100 of net assessed limited property valuation of property within the boundaries of the district. The authority shall not otherwise restrict the maximum authorized tax rate, the maximum assessment assessed by a district or the maximum aggregate amount of bonds issued by a district except as expressly provided in this chapter.","path":["Title 48 Special Taxing Districts"],"source_url":"https://www.azleg.gov/ars/48/07021.htm","current_through":"57th Legislature, 2nd Regular Session (effective 2027-01-01); mirror section count 24991","vintage":"2026-09-15","retrieved_at":"2026-09-26T04:29:04Z","sha256":"c36cc0f7d180012bc816388127a105e39fe17c3a5d20ff9506ce65ddbb16241c","source_id":"us-az","stale":false,"prev":"us-az/a.r.s.-48-702","next":"us-az/a.r.s.-48-7022"},"notice":"GroundRules: Original legal text. Not legal advice."}