PROPOSED
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2331
(Reference to printed bill)
Page 1, line 20, after "any" insert "governmental"
Strike lines 24 through 45
Page 2, strike lines 1 through 7, insert:
"Sec. 2. Section 35-505, Arizona Revised Statutes, is amended to read:
35-505. Industrial development debt report
This article does not apply to corporations formed pursuant to chapters 5 and 6 of this title shall deliver to the department of revenue on or before june 30 of each year an outstanding revenue bonds report describing both the aggregate principal amount of revenue bonds issued by the corporation during the previous fiscal year and the total outstanding principal balance of all revenue bonds issued by the corporation as of july 1 of the current fiscal year."
Renumber to conform
Line 14, strike "new"
Line 15, strike "after the effective date of this section" insert "if any portion of that special taxing district would be located"
Line 16, after "subdivision" strike remainder of line; strike lines 17 through 33, insert "that has reached its special district taxing cap.
B. for purposes of this section, a political subdivision has reached its special district taxing cap when the amount of the ad valorem tax limitation for that political subdivision as prescribed in article ix, section 19, Constitution of Arizona, is equal to or less than the sum of the most recent publicly reported level of ad valorem taxes then being levied by that political subdivision and the most recent publicly reported aggregate amount of ad valorem taxes then being levied by all special taxing districts located in any portion of that political subdivision and formed with its approval or acquiescence."
Line 35, after "district" insert "of this state"
Page 2, line 38, strike "new"
Line 39, strike "after the effective date of this section" insert "if any portion of that special taxing district would be located"
Line 40, after "subdivision" strike remainder of line; strike lines 41 through 45
Page 3, strike lines 1 through 3, insert "that has reached its special district spending cap."
Strike lines 5 through 12, insert "not increase its expenditures above the aggregate amount of expenditures for its immediately preceding fiscal year if any portion of the special taxing district is located within the jurisdiction of a political subdivision that has reached its special district spending cap.
C. For purposes of this section, a political subdivision has reached its special district spending cap when the amount of the expenditure limitation for that political subdivision as prescribed in article ix, section 20, Constitution of Arizona is equal to or less than the sum of the most recent publicly reported amount of expenditures then being made by that political subdivision and the most recent publicly reported aggregate amount of expenditures then being made by all special taxing districts located in any portion of that political subdivision and formed with its approval or acquiescence."
Reletter to conform
Line 14, after "county" insert "of this state"