ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

First Regular Session

Senate: APPROP DP 5-3-2-0 | 3rd Read 19-11-0-0

SB 1441: financing agreement; retirement; defeasance; appropriation

Sponsor: Senator Livingston, LD 22

Committee on Appropriations

Overview

Appropriates $171,550,000 from the state General Fund (GF) in FY 2022 to the School Facilities Board (SFB) to pay for the retirement or defeasance of the financing agreement entered into in FY 2016.

History

SFB is a cabinet-level, state-government agency managing nearly $300 million in state funding appropriated for K-12 school district facilities. The 10-member board meets monthly to grant funding for new school construction and to renew existing school facilities.

In 2015, the K-12 education budget reconciliation bill authorized SFB to enter into a refinancing or refunding agreement in FY 2016 to reduce SFB’s lease purchase payments by a combined total of at least $7,000,000 in FY 2016 through FY 2024 (Laws 2015, Chapter 15, Section 16).

In FY 2020, $57,237,000 was appropriated from the GF to make the annual payment for the SFB 2015 refinance (JLBC FY 2021 Debt Report).

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteAppropriates $171,550,000 from the GF in FY 2022 to SFB to pay for the retirement or defeasance of the financing agreement entered into pursuant to the FY 2016 K-12 education budget reconciliation budget bill. (Sec. 1)

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5.                     SB 1441

6.   Initials TG/SM       Page 0 Appropriations

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