35-451. Local debt limit; increase in limitation; authority to issue bonds; definitions A. The aggregate indebtedness of a county, city, town or similar municipal corporation may be increased above six percent of the net assessed value of the full cash value of the property in such a political subdivision only as provided in this article. B. A multi-county water conservation district may become indebted and issue bonds in the manner provided in this article. C. Bonds may be issued under this article for any lawful or necessary purpose. D. For the purposes of this section, ' full cash value' and ' net assessed value' have the same meanings prescribed in section 42-11001.
Arizona Legal Code