Arizona Revised Statutes Title 35. Public Finances § 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.