AZ SCR1060

Proposes an amendment to Article IX, Section 5 of the Arizona Constitution to revise the state's authority to contract debts.

Replaces the previous $350,000 debt limit with a new limit of five percent of the net assessed property value in the state, applicable to all state debts regardless of when issued.

Requires the legislature to provide a dedicated revenue source (other than the state general fund) to pay principal, interest, and administrative costs for any debts authorized after December 31, 2011.

Establishes exemptions from the debt limit for counties, cities, towns, school districts, universities, community colleges, retirement systems, and certain other entities and obligations defined in the amendment.

Requires voter approval at the next general election and gubernatorial proclamation for the amendment to take effect.