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House Engrossed |
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State of Arizona House of Representatives Fifty-first Legislature First Regular Session 2013
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HOUSE BILL 2644 |
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AN ACT
amending title 41, chapter 4, article 3, Arizona Revised Statutes, by adding section 41‑726; relating to state finance.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 41, chapter 4, article 3, Arizona Revised Statutes, is amended by adding section 41-726, to read:
41-726. Debt; annual report; definition
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" has the same meaning prescribed in section 41‑1277.