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ARIZONA HOUSE OF REPRESENTATIVESFifty-sixth Legislature First Regular Session |
House: APPROP DPA/SE 12-3-0-0 |
HB 2040:
industrial development bonds; preapproval; repeal
NOW: industrial development bonds; preapproval; threshold
Sponsor: Representative Bliss, LD 1
House Engrossed
Overview
Reduces the percentage of the state population that a county or municipality must have, from 7% to 3%, before it may approve corporations to issue certain bonds.
History
Statute outlines that municipalities may issue bonds to finance housing development projects (A.R.S. § 9-441.03).
Bonds that are issued by corporations to finance multifamily residential rental project must be approved by a municipality or county with a population size of at least 7% of the state's population or by the Arizona Finance Authority. A bond that does not meet these requirements is subject to approval by the Arizona Department of Housing (A.R.S. § 35-726).
Some other projects that require bonds to be pre-approved include clinics, medical hotels and nursing homes (A.R.S. § 35-726).
Provisions
1. Allows counties and municipalities with a population greater than 3%, rather than 7%, of the state's population to approve corporations to issue certain bonds. (Sec. 1)
2. Makes technical changes. (Sec. 1)
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6. HB 2040
7. Initials AF/LV Page 0 House Engrossed
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