REFERENCE TITLE: schools; bonded indebtedness; temporary increase.

State of Arizona House of Representatives Fiftieth Legislature Second Regular Session 2012

HB 2405

Introduced by Representatives Stevens, Gowan, Proud: Carter, Fann, Gray R, Mesnard, Vogt, Senator Antenori

 

AN ACT

 

prescribing a temporary increase in bonded indebtedness for school districts.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Limitation on amount of school district bonded indebtedness through July 1, 2016

A.  Notwithstanding section 15‑1021, Arizona Revised Statutes, from the effective date of this section until July 1, 2016, the limitations on bonded indebtedness prescribed in section 15-1021, subsections B and D, Arizona Revised Statutes, are increased as follows, except that the total amount of class A and class B bonds issued by a school district shall not exceed the debt limitations prescribed in article IX, sections 8 and 8.1, Constitution of Arizona:

1.  The percentage limitation prescribed by section 15-1021, subsection B, Arizona Revised Statutes, is increased to ten per cent.

2.  The percentage limitation prescribed by section 15-1021, subsection D, Arizona Revised Statutes, is increased to twenty per cent.

3.  The amount of taxable property used for secondary property tax purposes that is to be used in calculating the limitation on bonded indebtedness is the greater of the following:

(a)  The amount adopted by the county board of supervisors in August 2010.

(b)  The amount most recently adopted by the county board of supervisors. 

B.  Any class B bonds issued pursuant to subsection A of this section shall be considered special class B bonds.  Special class B bonds shall be treated like class A bonds for purposes of computing class B bond capacity when the increase prescribed in subsection A of this section is no longer in effect.