AZ SB1077

Amends Section 35-511 of Arizona Revised Statutes to clarify definitions related to bonds and federal income tax considerations.

Corrects terminology by changing "agriculture improvement district" to "agricultural improvement district" for grammatical accuracy.

Clarifies that political subdivisions are entities "that is" created by state law (rather than "which") and specifies they have power to issue bonds.

Defines key terms including "bond," "political subdivision," "rebate," and "treasurer" for purposes of state bonding law.

The rebate definition specifies payments made to the federal government to retain exemptions from federal income taxes on bond interest income.