Sec 35-451. Local debt limit; exclusion of tax-exempt property; increase in limitation; authority to issue bonds

A. The total assessed valuation of taxable property used as a base figure in determining the limitation on the amount of bonds that may be issued under article IX, section 8, Constitution of Arizona, shall not include the determination of valuation of tax exempt property.

B. The aggregate indebtedness of a county, city, town or similar municipal corporation may be increased above six per cent of the value of the taxable property in such political subdivision only as provided in this article. The value of such taxable property shall be ascertained as provided by article IX, section 8, Constitution of Arizona.

C. A multi-county water conservation district may become indebted and issue bonds in the manner provided in this article.

D. Bonds may be issued under the provisions of this article for any lawful or necessary purpose.