ARIZONA HOUSE OF REPRESENTATIVES Fifty-fifth Legislature First Regular Session
	Senate: APPROP DP 6-3-1-0 | 3^rd Read 17-13-0-0 House: APPROP DP 9-4-0-0

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SB 1440: appropriation; financing agreement; defeasance; retirement

Sponsor: Senator Livingston, LD 22

Caucus & COW

Overview

Appropriates $65,750,000 from the state General Fund (GF) in FY 2022 to the Arizona Department of Administration (ADOA) to pay for the retirement or defeasance of a financing agreement entered into in 2016.

History

In 2016, ADOA, in coordination with the Arizona Department of Corrections (ADC), was authorized to enter into a financing agreement under the FY 2017 criminal justice budget reconciliation bill. Prior to entering the financing agreement, ADOA and ADC were required to submit the terms of the agreement, annual cost savings and ADC's allocation of these savings to the Joint Committee on Capital Review (Laws 2016, Chapter 119, Section 24).

The financing agreement, issued in November 2016, refinanced the ADC Kingman private prison. In FY 2020, there was a GF appropriation of $17,461,700 to meet the terms of the financing agreement (JLBC FY 2021 Debt Report).

Provisions

1. Appropriates $65,750,000 from the GF in FY 2022 to ADOA to pay for the retirement or defeasance of the financing agreement entered into pursuant to the FY 2017 criminal justice budget reconciliation bill. (Sec. 1)

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5.                   SB 1440

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