CORRECTED Jan 10 2017
REFERENCE TITLE: community college bonds; voter approval
State of Arizona
House of Representatives
First Regular Session
amending sections 15‑1482 and 15‑1483, Arizona Revised Statutes; relating to community college district bonds.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 15-1482, Arizona Revised Statutes, is amended to read:
The board shall have power, for and in on behalf of the institution, to:
1. Acquire any project or projects and own, operate and maintain the same.
2. Accept grants or loans of monies from a federal agency.
3. Borrow monies and issue bonds, subject to voter approval as prescribed in section 15‑1483, and provide for the payment of the same and for the rights of the holders thereof.
4. Perform all acts and do all things necessary or convenient to carry out the powers granted by this article.
Sec. 2. Section 15-1483, Arizona Revised Statutes, is amended to read:
15-1483. Issuance of bonds; publicity pamphlet; election; ballot requirements; canvass of votes
A. The board, on the approval of a majority of the qualified voters in the community college district voting at a regularly scheduled election on the first Tuesday after the first Monday in November, for and on behalf of an institution is authorized from time to time to may issue negotiable bonds for the purpose of acquiring a project or projects. The board may call an election to decide whether the bonds of the community college district shall be issued and sold for the purposes prescribed in this section. The bonds shall be authorized by resolution of the board after the proposed bond issuance has been approved by the voters. The bonds may be issued in one or more series, bear such a date or dates, be in such a denomination or denominations, mature at such a time or times, not exceeding forty years from the respective dates thereof, mature in such an amount or amounts, bear interest at such a rate or rates, as determined by the board, payable semiannually, be in such a form either coupon or registered, carry such registration privileges, be executed in such a manner, be payable in such a medium of payment, at such a place or places, and be subject to such a term of redemption, with or without premium, as such the resolution or other resolutions may provide. The bonds may be sold at not less than par at either public or private sale. The bonds shall be fully negotiable within the meaning and for all the purposes of title 47, chapter 3.
B. At least ninety days before the election seeking voter approval for the issuance of bonds that do not require voter approval, a district shall submit information regarding the planned projects that will be funded with the bond proceeds to the joint committee on capital review for review.
C. Bond counsel fees, financial advisory fees, printing costs and paying agent and registrar fees for bonds issued pursuant to an election under this section shall be paid from either the amount authorized by the qualified voters of the community college district or current operating monies. Bond election expenses shall be paid from current operating monies only.
D. The board shall order the election to be held in the manner prescribed in title 35, chapter 3, article 3.
E. The ballots shall contain the words "bond approval, yes" and "bond approval, no", and the voter shall signify the voter's desired choice. The ballot shall also state, "the issuance of these bonds will result in an annual levy of property taxes sufficient to pay the debt on the bonds."
F. Not later than thirty-five days before a bond election conducted pursuant to this section, the community college district shall mail a publicity pamphlet to each household in the district that contains a qualified voter. The publicity pamphlet shall contain, at a minimum, the following information:
1. The date of the election.
2. The voter's polling place and the times it is open.
3. A complete list of each planned project that will be funded with the proceeds of the bonds and a description of the proposed cost of each project.
4. The tax rate associated with each planned project and the estimated cost of each project for the owner of a single family home that is valued at one hundred thousand dollars.
G. If the voters approve the issuance of bonds pursuant to this section, the community college district may not use the bond proceeds for any purposes other than the planned projects listed in the publicity pamphlet. The planned projects may be changed by a subsequent election as provided by this section.
H. The official returns shall be delivered to the county board of supervisors or the appropriate county elections officer. Within thirty days after the election, the county board of supervisors or the county elections officer shall canvass the results of the election and shall file duplicate copies of the certificate of the result of the election with the clerk of the board of supervisors and with the governing board of the community college district.