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ARIZONA STATE SENATE
Fifty-Fifth Legislature, First Regular Session
appropriation; financing agreement; defeasance; retirement
Purpose
Appropriates $65,750,000 from the state General Fund (state GF) in FY 2022 to the Arizona Department of Administration (ADOA) to retire or defease the financing agreement entered in FY 2017.
Background
Laws 2016, Chapter 119 allowed ADOA, in coordination with the Arizona Department of Corrections, Rehabilitation and Reentry (ADCRR) to enter into a financing agreement in FY 2017 to generate a savings on the cost of housing prisoners by a combined total amount of at least $25,000,000 in FY 2017 through FY 2025. In FY 2020, $17,461,700 was appropriated from the state GF to ADOA to make a debt service payment for the 2016 ADCRR Kingman refinance agreement (JLBC Debt Report).
S.B. 1440 appropriates $65,750,000 from the state GF in FY 2022 to ADOA.
Provisions
1. Appropriates $65,750,000 from the state GF in FY 2022 to ADOA to retire or defease the financing agreement entered in FY 2017.
2. Becomes effective on the general effective date.
Prepared by Senate Research
February 5, 2021
LMM/kja