Arizona § 35-1004 - Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget
Full text of Arizona Arizona Revised Statutes § 35-1004 — Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget, with citation guidance and answers to common questions.
§ 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 bonds or other long-term obligations for the purposes of determining:
1. Whether a governmental entity has satisfied statutory requirements concerning revenue coverage that are applicable to its bonds or other long-term obligations.
2. Whether a governmental entity has satisfied any maximum rate of interest that may be paid on the bonds or other long-term obligations.
3. The amount of taxes, rates or charges to be levied or collected to pay amounts due upon its bonds or other long-term obligations.
B. Until payment of all obligations under swap agreements and the expiration of the fiscal year in which swap agreements are paid in full, no amounts collected for the purpose of paying amounts due under the swap agreements shall be subject to the provisions of title 42, chapter 17, article 2.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 35-1004
What does Arizona Revised Statutes § 35-1004 cover?
Section 35-1004 ("Treatment, calculation and payment of amounts due under swap agreements; exemptions from budget") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 35-1004?
A common citation format is "Arizona Revised Statutes § 35-1004" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 35-1004 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.