Bill
Number: S.B. 1487
Crandall
#2 Floor Amendment
Reference
to: printed bill
Amendment
drafted by: Leg Council
FLOOR
AMENDMENT EXPLANATION
·
Allows, until June 1, 2016, a common school district or
union school district to issue class B bonds, including existed class B
indebtedness, not to exceed 10% of the taxable property used for secondary
assessed valuation within the district or $1500 per student, whichever is
greater.
·
Allows, until June 1, 2015, a unified school district to
issue class B bonds, including existed class B indebtedness, not to exceed 20%
of the taxable property used for secondary assessed valuation within the
district or $1500 per student, whichever is greater.
·
Specifies that any class B bonds in excess of statutory
limitations must be considered special class B bonds and requires such bonds to
be treated as class A bonds for the purpose of computing class B bond capacity
when the increase authorized is no longer in effect.
·
Adds that the indebtedness limits allowed by this act
apply to bonds issued pursuant to elections held before or after the effective
date of this act.
·
Contains intent language.
Page 42, strike lines 2 through 15,
insert:
"A. Notwithstanding
section 15‑1021, subsection B, Arizona Revised Statutes, from the
effective date of this section until July 1, 2016, a school district may issue
class B bonds for the purposes specified in section 15‑1021, Arizona
Revised Statutes, and title 15, chapter 4, article 5, Arizona Revised Statutes,
to an amount in the aggregate, including the existing class B indebtedness, not
exceeding ten per cent of the taxable property used for secondary property tax
purposes, as determined pursuant to title 42, chapter 15, article 1, Arizona
Revised Statutes, within a school district as ascertained by the last
assessment of state and county taxes previous to issuing the bonds, or one
thousand five hundred dollars per student count pursuant to section 15‑901,
subsection A, paragraph 13, Arizona Revised Statutes, whichever amount is
greater. A school district shall not issue class B bonds pursuant to this
subsection until the proceeds of any class A bonds issued by the school
district have been obligated in contract. 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, section 8, Constitution of Arizona.
B. Notwithstanding
section 15‑1021, subsection D, Arizona Revised Statutes, from the
effective date of this section until July 1, 2016, a unified school district as
prescribed by article IX, section 8.1, Constitution of Arizona, may issue class
B bonds for the purposes specified in section 15‑1021, Arizona Revised
Statutes, and title 15, chapter 4, article 5, Arizona Revised Statutes, to an
amount in the aggregate, including the existing class B indebtedness, not
exceeding twenty per cent of the taxable property used for secondary tax
purposes, as determined pursuant to title 42, chapter 15, article 1, Arizona
Revised Statutes, within a school district as ascertained by the last
assessment of state and county taxes previous to issuing the bonds, or one thousand
five hundred dollars per student count pursuant to section 15‑901,
subsection A, paragraph 13, Arizona Revised Statutes, whichever amount is
greater. A unified school district shall not issue class B bonds pursuant to
this subsection until the proceeds of any class A bonds issued by the unified
school district have been obligated in contract. The total amount of class A
and class B bonds issued by a unified school district shall not exceed the debt
limitations prescribed in article IX, section 8.1, Constitution of Arizona.
C. Any class B bonds
issued pursuant to this act that are in excess of the limits prescribed in
section 15-1021, Arizona Revised Statutes, shall be considered special class B
bonds. Special class B bonds shall be treated as class A bonds for the purpose
of computing class B bond capacity when the increase prescribed in this act is
no longer in effect. Special class B bonds shall not be treated as class A
bonds for the purpose of requiring that the proceeds be obligated in contract.
D. The bonded
indebtedness limits prescribed by subsections A and B of this section apply to
bonds issued pursuant to elections held both before and after the effective
date of this act.
E. The social, economic
and financial welfare of this state is affected by the economic and financial
conditions that have existed since 2008 and continue today. The conditions
have caused a decrease in tax revenue and in assessed valuations which decrease
has resulted in a temporary emergency involving the ability to fund needed
construction and repair of school facilities and which emergency condition is
alleviated by enactment of this section."
Reletter to conform
Amend title to conform