ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature First Regular Session
	Senate: FIN DP 6-1-0-0 | 3^rd Read DPA 30-0-0-0

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SB 1172: fire district bonding; limitation

Sponsor: Senator Mesnard, LD 13

Committee on Ways & Means

Overview

Limits the maximum principal amount of bonds in a fire district board's election order and requires additional information in the election order.

History

Under current statute, fire district board election orders contain:

1) The maximum amount of bonds to be issued;

2) The maximum number of years bonds of any issue or series may run from their date not exceeding thirty years;

3) The purpose for which the bonds are issued;

4) The maximum rate of interest the bonds are to bear; and

5) The date and hours of the election and location of the polling places. (A.R.S. § 48-806)

Provisions

1. Prohibits the maximum principal amount of bonds issued from exceeding 120% of the districts statutory debt limitation when combined with the district's current outstanding general obligation debt amount. (Sec. 1)

2. Requires the election order to also include the current outstanding general debt amount and the statutory debt limitation of the district. (Sec. 1)

3. Removes the ability of an elected chief and secretary treasurer to order an election. (Sec. 1)

4. Makes technical changes. (Sec. 1)

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8.                   SB 1172

9. Initials VP/AA        Page 0 Ways & Means

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