ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

Second Regular Session

 

HB 2161: industrial development bonds; preapproval; threshold

Sponsor: Representative Bliss, LD 1

Committee on Government

Overview

Modifies the population threshold for a county or municipality that approves corporation bond disbursement.

History

Both the Arizona Finance Authority (AFA) and the governing bodies of counties and municipalities that meet the population threshold of seven percent of the total state population retain approval over corporation bond disbursement. The Arizona Department of Housing (ADOH) may review and approve the project where the bond disbursement originates, if it does not follow statutory requirements (A.R.S. § 35-726).

A corporation that does not meet AFA approval or the population threshold, may not issue a bond for multifamily residential rental projects, sanitariums, clinics, medical homes or nursing facilities, without receiving approval from the ADOH. A corporation that does not meet AFA approval may refund bonds, the proceeds of which are used exclusively to refund a prior bond issue, without receiving ADOH approval (A.R.S. § 35-726).

Provisions

1.   Decreases the population threshold of a county or municipality that determines bond disbursement, from seven percent to three percent of the total state population. (Sec. 1)

2.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteMakes technical changes. (Sec. 1)

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6.                     HB 2161

7.   Initials SJ/AC      Page 0 Government

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