Sec 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 value of taxable property for the purposes of this section and article IX, section 8 or 8.1, Constitution of Arizona shall be the aggregate net assessed value of property within the jurisdiction used for the levy of secondary property taxes, as determined pursuant to title 42.