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ARIZONA STATE SENATE
Fifty-Fifth Legislature, First Regular Session
financing agreement; retirement; defeasance; appropriation
Purpose
Appropriates $171,550,000 from the state General Fund (state GF) in FY 2022 to the School Facilities Board (SFB) to retire or defease the financing agreement entered into in FY 2016.
Background
Laws 2015, Chapter 15 allowed the SFB to enter into a refinancing or refunding agreement in FY 2016 to reduce the SFB's lease purchase payments by a combined total of at least $7,000,000 in FY 2016 through FY 2024. In FY 2020, $57,237,000 was appropriated from the state GF for the SFB 2015 refinance (JLBC Debt Report).
S.B. 1441 appropriates $171,550,000 from the state GF in FY 2022 to the SFB.
Provisions
1. Appropriates $171,550,000 from the state GF in FY 2022 to the SFB to retire or defease the financing agreement entered into in FY 2016.
2. Becomes effective on the general effective date.
Prepared by Senate Research
February 4, 2021
LMM/kja