ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

First Regular Session

House: WM DP 8-2-0-0

HB 2122: bonds; financial advisory fees

Sponsor:  Representative Bolick, LD 20

House Engrossed

Overview

Removes the requirement that financial advisory fees for bonds issued pursuant to an election to authorize indebtedness be paid from an amount authorized by the qualified electors or current operating funds.

History

The governing body or board of a political subdivision may, on a petition signed by 15% of the qualified electors, order an election to determine whether to authorize indebtedness. Under current law, bond counsel fees, financial advisory fees, printing costs and paying agent and registrar fees are required to be paid from either an amount authorized by the qualified electors of the political subdivision or current operating funds. The amount of net premium associated with a bond issue may be used to pay costs incurred in issuing the bonds (A.R.S. §§ 35-452 and 35-457).

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteRemoves the requirement that financial advisory fees be paid from either the amount authorized by the qualified electors of a political subdivision or current operating funds in an election to authorize indebtedness. (Sec. 1)

2.   Makes technical and conforming changes. (Sec. 1)

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6.                     HB 2122

7.   Initials VP  Page 0 House Engrossed

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