Ariz. Rev. Stat. § 9-441.07
Every municipality may use its monies for the purposes of aiding in the planning, undertaking or carrying out of a housing development project in its area of operations. To obtain monies for this purpose, every municipality, in addition to other powers set forth in this article, may levy taxes, incur indebtedness and issue bonds in amounts the local governing body determines by resolution are necessary for the purpose of raising monies for use in connection with a housing development project. Any bonds to be issued by the municipality pursuant to this section shall be issued in the manner and within the limitations prescribed by the laws of this state for the issuance and authorization of bonds for public purposes generally.
A.R.S. § 9-441.07