Arizona Revised Statutes Title 35. Public Finances § 35-465.04. Application of taxes; payment of notes

Upon the issuance of any tax anticipation notes all taxes which are pledged to pay the notes and which are thereafter received by the taxing district shall be collected and held in the manner set forth in the resolution authorizing the notes or the notes themselves. The resolution authorizing the issuance of the notes shall set forth a pledge of tax revenues describing the times and amount of taxes which must be set aside to repay the notes. Monies pledged to repay the notes shall be used to pay principal and interest on the tax anticipation notes in the manner provided in such resolution. These notes shall be paid on or before July 31 following the end of the fiscal year in which the notes are issued. Any other law to the contrary notwithstanding, this article shall be full authority for the payment when due, or for redemption in advance of maturity, of all principal and interest and redemption premiums on the notes.