Arizona § 35-503 - Calculation of debt limits
Full text of Arizona Arizona Revised Statutes § 35-503 — Calculation of debt limits, with citation guidance and answers to common questions.
§ 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 jurisdiction shall equal the total principal amount of all bonds outstanding at the time of calculation. Bonds outstanding shall include the principal amount of all bonds issued by the jurisdiction except principal that has been paid or for which monies have been deposited into a dedicated fund for the payment of the principal. The principal amount of a bond shall equal the par amount of the bond exclusive of any premium or discount.
B. The net assessed value of the full cash value is the basis for calculating the debt limitations prescribed in article IX, section 8 or 8.1, Constitution of Arizona.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 35-503
What does Arizona Revised Statutes § 35-503 cover?
Section 35-503 ("Calculation of debt limits") 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 § 35-503?
A common citation format is "Arizona Revised Statutes § 35-503" (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 § 35-503 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.