REFERENCE TITLE: technical correction; political subdivisions; indebtedness

State of Arizona

Senate

Fifty-fifth Legislature

First Regular Session

2021

SB 1228

Introduced by

Senator Borrelli

AN ACT

amending section 35-452, Arizona Revised Statutes; relating to public indebtedness.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 35-452, Arizona Revised Statutes, is amended to read:

START_STATUTE35-452.  Election to authorize indebtedness; costs

A.  The governing body or board of a political subdivision enumerated in section 35‑451 may, and upon petition signed by fifteen per cent percent of the qualified electors shall, order an election by such electors to determine whether such indebtedness shall be authorized.  The election shall be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d) f.

B.  If a majority of the qualified electors voting at the election votes in favor of creating an indebtedness such political subdivision may become so indebted.

C.  Bond counsel fees, financial advisory fees, printing costs and paying agent and registrar fees shall be paid from either the amount authorized by the qualified electors of the political subdivision or current operating funds.

D.  Bond election expenses shall be paid from current operating funds only. END_STATUTE