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House Engrossed |
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State of Arizona House of Representatives Fifty-first Legislature First Regular Session 2013
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HOUSE BILL 2347 |
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AN ACT
Amending sections 35‑458 and 35‑474, Arizona Revised Statutes; relating to public indebtedness.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 35-458, Arizona Revised Statutes, is amended to read:
35-458. Levy of tax for payment of interest and bonds
A. After the bonds are issued, the governing body or board shall enter upon on its minutes a record of the bonds sold, and their numbers and dates, and shall annually levy and cause to be collected a tax, at the same time and in the same manner as other taxes are levied and collected upon on all taxable property in such political subdivision, sufficient to pay the annual interest on the bonds when due, and shall likewise annually levy a tax sufficient to redeem the bonds when they mature. The annual levy for both the principal and interest payment, including a reasonable tax delinquency factor, shall not exceed the net amount necessary to make the annual payment and the reasonable delinquency factor, including an amount necessary to correct prior year errors in the levy, if applicable, and any expenses and fees required in conjunction with the authorization pursuant to section 35‑512.
B. Monies derived from the levy of the tax when collected shall constitute a fund for payment of interest and the bonds. The fund shall be kept separately and shall be known as the "interest fund" and "redemption fund. " or the two funds may be combined into a single "interest and redemption fund."
Sec. 2. Section 35-474, Arizona Revised Statutes, is amended to read:
35-474. Levy of tax for payment of bonds
The board of supervisors, on behalf of the county or a school district therein, or the governing body or board of a municipal corporation, which has issued refunding bonds shall, during each year in which the bonds are outstanding, levy a tax on all property in the political subdivision for which the bonds are issued, sufficient to pay the annual interest on all bonds then outstanding and the annual installment of the principal thereof becoming due and payable in the next ensuing year. The annual levy for both the principal and interest payment, including a reasonable tax delinquency factor, shall not exceed the net amount necessary to meet the annual payment and the reasonable delinquency factor, including an amount necessary to correct prior year errors in the levy, if applicable, and any expenses and fees required in conjunction with the authorization pursuant to section 35‑512. Such taxes shall be levied, assessed and collected at the same time and in the same manner as other taxes are levied, assessed and collected. The proceeds of the taxes shall be kept in a special fund and shall be used only for the purpose for which collected.