Arizona § 48-2718 - Limit of indebtedness; exception
Full text of Arizona Arizona Revised Statutes § 48-2718 — Limit of indebtedness; exception, with citation guidance and answers to common questions.
§ 48-2718. Limit of indebtedness; exception
The board of directors shall not incur any debt or liability whatever, either by issuing bonds or otherwise, in excess of the express provisions of this chapter, and any debt or liability incurred in excess of such express provisions shall be absolutely void, but for the purposes of organization, or for any of the purposes of this chapter, the board of directors may, before the collection of the first assessment, incur an indebtedness not exceeding in the aggregate two thousand dollars, and may cause warrants of the district to issue therefor bearing interest at seven per cent per annum.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 48-2718
What does Arizona Revised Statutes § 48-2718 cover?
Section 48-2718 ("Limit of indebtedness; exception") 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 § 48-2718?
A common citation format is "Arizona Revised Statutes § 48-2718" (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 § 48-2718 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.