AZ SCR1033

Proposes to amend Article IX, Section 5 of the Arizona Constitution to redefine and expand what constitutes "debt" for purposes of state borrowing limits.

Maintains the existing $350,000 debt ceiling for casual deficits and revenue failures, with money used exclusively for the purpose obtained or debt repayment.

Adds a comprehensive definition of "debt" to include general obligation bonds, long-term notes and obligations, certificates of participation, lease-purchase agreements, revenue bonds, and obligations deferred from one fiscal year to another.

Preserves the state's authority to borrow money for repelling invasion, suppressing insurrection, or defending the state in time of war, with proceeds applied exclusively to those purposes or debt repayment.

Requires submission of the proposed constitutional amendment to Arizona voters at the next general election.