The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. Beginning on or before December 1, 2013 and each December 1 thereafter, the department shall submit a report to the speaker of the house of representatives, the president of the senate and the staff director of the joint legislative budget committee that addresses the cost to this state to pay the remaining balance of any outstanding state debt and obligations and, based on the current interest rates, the interest that would be saved. The report shall include an analysis that gives the amount of the savings if this state pays the outstanding state debt and obligations, under current economic conditions, in increments of fifty million dollars up to two hundred million dollars. The analysis shall focus on approaches that would produce the highest cost savings to this state.
B. For the purposes of this section, "state debt and obligations" means the following obligations that are paid with state general fund monies:
1. Outstanding general obligation bonds.
2. Long-term notes and obligations.
3. Certificates of participation and other obligations pursuant to any lease-purchase agreement.