ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature First Regular Session
	Senate: FIN DP 4-3-0-0 | 3^rd Read 16-12-2-0 House: COM DPA 6-4-0-0

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SCR1033: state debt; limit; restrictions; prohibitions

Sponsor: Senator Mesnard, LD 13

Caucus & COW

Overview

Subject to voter approval, constitutionally defines debt as specified obligations of this State that are paid with state General Fund monies.

History

The Arizona Constitution grants the State the power to contract debts to supply the casual deficits or failures in revenues or to meet expenses not otherwise provided for. The total amount of contract debts cannot exceed $350,000. The monies created from such debts must be used for the outlined purpose. Additionally, the State may borrow money to: 1) repel an invasion; 2) suppress an insurrection; or 3) defend the State during a time of war. Monies may not be paid from the state treasury except as provided by law (Arizona State Constitution, Article 9 § 5).

Provisions

1. Defines debt as the following state obligations that are paid with state General Fund monies:

a) general obligation bonds;

b) long-term notes and obligations;

c) certificates of participation and other obligations pursuant to any lease-purchase agreement;

d) revenue bonds; and

e) obligations of this State in one fiscal year that are deferred in whole or in part to another fiscal year.

2. Instructs the Secretary of State to submit this proposition to the voters in the next general election.

Amendments

Committee on Commerce

1. Modifies the definition of debt.

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5.                   SCR 1033

6. Initials PRB           Page 0 Caucus & COW

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