AZ HCR2036

Proposes amendment to Arizona Constitution Article IX, Section 5 to restrict state debt contracting authority and require dedicated revenue sources for new debt obligations.

Maintains existing $350,000 aggregate debt limit for casual deficits and failures in revenues but eliminates the semicolon after this provision.

Requires legislature to provide a dedicated revenue source other than the state general fund to pay principal, interest, and administrative costs for any debt authorized after December 31, 2014, with exception for refinancing of pre-2015 debt.

Establishes broad application to state obligations including general obligation bonds, revenue bonds, long-term notes, and lease-purchase agreements, while carving out exemptions for municipal corporations, public authorities, universities, transportation agencies, and certain retirement/compensation systems.

Requires voter approval through general election ballot as provided by Arizona Constitution Article XXI.