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REFERENCE TITLE: debt payoff; annual report |
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State of Arizona House of Representatives Fifty-first Legislature First Regular Session 2013
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HB 2644 |
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Introduced by Representative Montenegro
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AN ACT
amending title 41, chapter 4, article 3, Arizona Revised Statutes, by adding section 41‑726; relating to state finance.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 41, chapter 4, article 3, Arizona Revised Statutes, is amended by adding section 41-726, to read:
41-726. Debt; annual report; definition
A. Beginning on or before December 1, 2013 and each December 1 thereafter, the department shall submit a report to the speaker of the house of representatives, the president of the senate and the staff director of the joint legislative budget committee that includes the following:
1. The cost to this state to pay the remaining balance of any outstanding state debt and obligations and, based on the current interest rates, the interest that would be saved.
2. A projection of the costs and savings to this state under current economic conditions, in increments of fifty million dollars up to two hundred million dollars.
B. For the purposes of this section, "state debt and obligations" has the same meaning prescribed in section 41‑1277.