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ARIZONA STATE SENATE
Fifty-Fifth Legislature, First Regular Session
bonds; financial advisory fees
Purpose
Removes the requirement that a county, city or town's financial advisory fees be paid from either the amount authorized in an election to authorize indebtedness or from current operating funds.
Background
Upon a petition signed by 15 percent of the qualified electors of a county, city or town, the governing body or board of the county, city or town must order an election to authorize indebtedness. The indebtedness may occur if a majority of the qualified electors vote in favor of creating the indebtedness.
Bond counsel fees, financial advisory fees, printing costs and agent and registrar fees must be paid from either the amount authorized by the qualified electors of a county, city or town in an election to authorize indebtedness or from current operating funds (A.R.S. § 35-452).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Removes the requirement that financial advisory fees be paid from either the amount authorized by the qualified electors of a county, city or town in an election to authorize indebtedness or from the current operating funds.
2. Makes technical changes.
3. Becomes effective on the general effective date.
House Action
WM 1/20/21 DP 8-2-0-0
3rd Read 1/28/21 46-12-2
Prepared by Senate Research
March 5, 2021
MG/gs