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House Engrossed |
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State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
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HOUSE BILL 2462 |
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AN ACT
Amending title 41, chapter 7, article 10, Arizona Revised Statutes, by adding section 41‑1277; amending sections 41‑4601 and 41‑4604, Arizona Revised Statutes; relating to annual debt reporting.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 41, chapter 7, article 10, Arizona Revised Statutes, is amended by adding section 41‑1277, to read:
41‑1277. Joint legislative budget committee; annual report; debt; definitions
A. On or before January 31 of each year, the joint legislative budget committee staff shall present to the appropriations committees of the senate and the house of representatives a report on state debt and obligations, including:
1. Outstanding general obligation bonds.
2. Long‑term notes and obligations.
3. Certificates of participation and other obligations pursuant to any lease‑purchase agreements.
4. Revenue bonds.
5. Deferred rollover payment obligations.
B. The report shall contain, for the most recent fiscal year:
1. The statewide aggregate level of outstanding principal and the principal and interest payments, by type of debt or obligation. The report shall be based on data available from the searchable database required by section 41-4604.
2. Itemization, by budget unit, of the original due date of each deferred payment For deferred rollover payment obligations, the amount of interest paid to date due to the deferral and the amount of yearly interest to be paid in the most recent and the next fiscal year due to the deferral.
3. Information on per capita state debt and obligations.
4. Information on the ten year history of state debt and obligations based on available data.
C. The report and a link to the searchable database required by section 41-4604 shall be posted on the joint legislative budget committee's website, and a copy of the report shall be provided to any member of the public who makes a request.
D. For the purposes of this section:
1. "Deferred rollover payment obligation" means an obligation to make a payment in a fiscal year that was due in and deferred from a previous fiscal year.
2. "State debt and obligations" means debt and obligations whose principal or interest is paid with state funds.
Sec. 2. Section 41-4601, Arizona Revised Statutes, is amended to read:
41-4601. Definitions
In this chapter, unless the context otherwise requires:
1. "Agency website" means a website that is connected to the internet and that is owned, operated or funded by a local government.
2. "Local government" means:
(a) A county, city or town with a population of more than twenty-five hundred persons.
(b) Any community college district and school district having a student count of more than six hundred pupils.
(c) A state university.
3. "State government" means any department, commission, board, institution or other agency of the state organization receiving, expending or disbursing state funds or incurring obligations against the state.
Sec. 3. Section 41-4604, Arizona Revised Statutes, is amended to read:
41-4604. Debt reporting by state and local government
A. State government and all local governments shall report to the department of revenue all incurred debt, including date of issue, purpose, original amount, current balance, interest paid to date and principal and interest paid in the latest full fiscal year according to a schedule determined by the department of revenue.
B. The department of revenue shall maintain an online accessible and searchable database and, subject to approval by the joint legislative budget committee, may require additional information not listed in this section.