State SealARIZONA HOUSE OF REPRESENTATIVES

 

HB 2572: state lease-purchase agreements; payoff.

PRIME SPONSOR: Representative Cobb, LD 5

BILL STATUS: Appropriations

 

 

Overview

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteAppropriates $190 million from the GF in FY 2020 to retire specified lease-purchase agreements.

History

Laws 2010, Sixth Special Session, Chapter 4 required the Department of Administration (ADOA) to enter into lease purchase agreements for state-owned facilities by September 30, 2010 for a fixed term of not more than 20 years and resulting in net proceeds to the GF of not more than $300 million.

In June of 2010 ADOA sold an issuance of bonds against state-owned facilities to generate $300 million in net proceeds for deposit into the GF. JLBC projects that the June 2010 issuance, referred to as Series 2010B, will have a remaining principal balance of $190 million by the end of FY 2020. The annual debt service payment on this issuance is approximately $24 million. The appropriation for the FY 2019 payment was made in Laws 2018, Chapter 276, Section 133.

As introduced, HB 2572 is identical to the introduced version of SB1215.

Provisions

1.       Appropriates $190 million from the GF in FY 2020 to ADOA to retire the lease-purchase agreements entered into in June of 2010. (Sec. 1)

2.        

3.        

4.       ---------- DOCUMENT FOOTER ---------

5.       Fifty-fourth Legislature                       HB 2572

6.       First Regular Session                            Version 1: Appropriations

7.        

8.       ---------- DOCUMENT FOOTER ---------