Arizona § 48-3128 - Issuance of warrants or promissory notes for loans
Full text of Arizona Arizona Revised Statutes § 48-3128 — Issuance of warrants or promissory notes for loans, with citation guidance and answers to common questions.
§ 48-3128. Issuance of warrants or promissory notes for loans
A. The board of directors may borrow money for necessary district expenses, obligations and expenditures upon the security of and not exceeding the amount of district taxes then levied and assessed and as evidence of the loan may issue and deliver district warrants drawn upon the district fund or funds levied and assessed for paying the expense items, obligations or expenditures for which such money is borrowed. No borrowing shall be made for any purpose in excess of the taxes then levied and assessed for such purpose.
B. The board of directors may, in lieu of warrants, deliver promissory notes as evidence of loans. The notes may be secured by collateral pledge of district assessments or tax monies as collected and not otherwise appropriated. District notes shall be payable at the district office or at a bank or place designated therein, but shall not be receivable in the payment of taxes.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 48-3128
What does Arizona Revised Statutes § 48-3128 cover?
Section 48-3128 ("Issuance of warrants or promissory notes for loans") 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 § 48-3128?
A common citation format is "Arizona Revised Statutes § 48-3128" (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 § 48-3128 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.