ARIZONA HOUSE OF REPRESENTATIVES Fifty-fifth Legislature First Regular Session
	House: WM DP 10-0-0-0 | 3^rd Read 57-2-1-0 Senate: FIN DPA 7-0-3-0 | 3^rd Read 29-0-1-0

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HB 2821: bonds; change of purpose; election

Sponsor:  Representative Bolick, LD 20

Senate Engrossed

Overview

Permits a governing body of a political subdivision to call an election to change the purpose of bond monies raised from the sale of bonds authorized at a previous bond election.  Repeals on January 1, 2025.

History

Title 35, Chapter 3, Article 3 grants political subdivisions of the state of Arizona the ability to call elections for the purpose of increasing aggregate indebtedness — above six percent of the net assessed value of the full cash value of the property in such a political subdivision — by the issuance of bonds.

A political subdivision may order an election to determine whether bonds may be issued upon the petition of 15% of the registered voters within that subdivision; if a majority of the voters decide in favor of creating an indebtedness, such political subdivision may then issue and sell bonds in the amount authorized at the election (A.R.S. § 35-452). The voted for bond measure must specify: the amount of the bonds, the maximum interest, the number of years the issue may run and the purpose for which the bond money will be used.  The monies raised from the bonds may only be used for the purpose stated in the ballot; if any monies remain after satisfying the purposes of the bonds, the monies must be used to retire the bonded indebtedness (A.R.S. § 35-455).

Provisions

1. Permits a governing body of a political subdivision to call an election to change the purpose of bond monies raised from the sale of bonds authorized at a previous bond election.  (Sec. 1)

2. Specifies that the bond changing election can only be held on the first Tuesday following the first Monday in November.  (Sec. 1)

3. Mandates that at least 35 days before the election, the governing body must mail an informational pamphlet to each household within the political subdivision which has a registered voter.  (Sec. 1)

4. Specifies the information which the informational pamphlet must contain.  (Sec. 1)

5. Specifies the wording of the question on the ballot.  (Sec. 1)

6. Repeals on January 1, 2025.  (Sec. 2)

Senate Amendments

1. Specifies that a governing body of a political subdivision may only call an election if the bonds have not been issued. (Sec. 1)

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5.                   HB 2821

6. Initials VP/NM       Page 0 Senate Engrossed

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