ARIZONA HOUSE OF REPRESENTATIVES Fifty-fifth Legislature Second Regular Session
	Senate: APPROP DPA 9-0-1-0 | 3^rd Read 25-2-3-0 House: APPROP DP 8-5-0-0

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SB1091: appropriation; debt; repayment; defeasance

Sponsor: Senator Livingston, LD 22

Caucus & COW

Overview

Appropriates a total of $367,000,000 from the state General Fund (GF) in FY 2022 to pay for the retirement or defeasance of specified financing agreements.

History

Laws 2007, Chapter 257 authorized the Arizona Department of Administration (ADOA) to enter into a lease-purchase agreement of $39,000,000 for prison water and wastewater projects and improvements at the Arizona State Hospital (ASH).

Laws 2007, Chapter 361 authorized ADOA to enter a 20-year lease-purchase agreement of up to $200,000,000 for the Arizona Department of Corrections to 4,000 state-owned prison beds.

Laws 2003, Chapter 267 appropriated monies from FY 2008 through FY 2031 to the three universities under the jurisdiction of the Arizona Board of Regents (ABOR) for lease-purchase capital financing of research infrastructure projects.

Provisions

1. Appropriates $93,500,000 from the GF in FY 2022 to ADOA for the retirement or defeasance of the FY 2008 financing agreements for ASH and ADC. (Sec. 2)

2. Requires the Director of ADOA to notify the Director of the Joint Legislative Budget Committee (JLBC) within 10 days after each retirement or defeasance is completed. (Sec. 2)

3. Appropriates $273,500,000 from the GF in FY 2022 to ABOR for each state university to pay for the retirement of the lease-purchase capital financing agreements. (Sec. 3)

4. Requires the Executive Director of ABOR to notify the Director of JLBC within 10 days after each retirement of defeasance is completed. (Sec. 3)

5. Exempts the appropriations from lapsing, except that any monies remaining after the retirements or defeasances are completed revert to the GF. (Sec. 2, 3)

6. Makes conforming changes. (Sec. 1)

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10.                   SB 1091

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