DALLAS — For the first time since it became a state in 1912, Arizona could lift its constitutional debt limit from the original $350,000 — an amount so small that the state issues no general obligation bonds — to $3.9 billion under a measure in the Legislature.

The existing limit does not mean the state does not issue debt. It currently carries a debt load of $4.3 billion in the form of revenue and lease-purchase bonds, and the sponsor of the legislation is hoping to reduce that burden.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.