48-3446. Powers and duties of board; issue of time warrants A. The board may borrow money, incur indebtedness and issue warrants against the district treasurer for the payment of the compensation of employees, purchase of material or equipment, payment of obligations of the district incurred under contracts for water service or other district expense. B. The board may issue time warrants when and if required for any of such purposes in anticipation of the collection of taxes. The time warrants shall be registered, on request of the holder, with the treasurer, and shall bear interest at the rate of seven per cent per annum from the date of registration until paid.
Arizona Legal Code