PROPOSED
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2399
(Reference to printed bill)
Strike everything after the enacting clause and insert:
"Section 1. Limitation on amount of bonded indebtedness; intent
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.
F. It is the intent of the legislature that, if a school district uses this section, the revenue that results from the temporary additional bonding capacity prescribed in this section be used only for capital purposes and not be used for maintenance and operation expenses, as provided in section 15‑491, Arizona Revised Statutes."
Amend title to conform
HEATHER CARTER |