State SealARIZONA HOUSE OF REPRESENTATIVES

 

SB 1215: state lease-purchase agreements; payoff

PRIME SPONSOR: Senator Livingston, LD 22

BILL STATUS: Caucus & COW

APPROP: DP 6-4-0-1

 

Overview

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

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. Joint Legislative Budget Committee staff 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.

The Senate engrossed version of SB 1215 is identical to the House engrossed version of HB 2572.

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)

 

 

 

 

 

 

 

 

 

 

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Fifty-fourth Legislature                  SB 1215

First Regular Session                       Version 2: Caucus & COW

 

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