ARIZONA HOUSE OF REPRESENTATIVES

57th Legislature, 2nd Regular Session

Majority Research Staff

Senate: ED DP 7-0-0-0 | Third Read 26-1-3-0

 House: ED DP 8-1-0-3

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note

SB 1422: credit enhancement eligibility board; continuation

Sponsor: Senator Angius, LD 30

Caucus & COW

Overview

Continues the Credit Enhancement Eligibility Board (Board) for 10 years.

History

Established by Laws 2016, Chapter 129, the Board is responsible for overseeing the Arizona Public School Credit Enhancement Program (Program), which assists achievement district schools in obtaining more favorable financing by guaranteeing the payment of principal and interest on guaranteed financings issued by or on behalf of achievement district schools. The Board must establish an application process and selection criteria for a public school or charter school to qualify as an achievement district school and approve or reject applications submitted to the Board. The Board is composed of the Governor, Treasurer and the Director of the Arizona Department of Administration, or their designees (A.R.S. § 41-5841 and A.R.S. Title 41, Chapter 56, Article 11).

The Board is set to terminate on July 1, 2026. The House of Representatives Education Committee of Reference (COR) and Senate Education COR conducted separate reviews of the Board and recommended that the Board be continued for 10 years (A.R.S. § 41-3026.01) (House Education COR Minutes) (Senate Education COR Report).

Provisions

1.   Continues the Board until July 1, 2036. (Sec. 2)

2.   Repeals the Board on January 1, 2037 only if:

a.   the Board has no outstanding Program funding obligations, or the Legislature has provided for paying or retiring any outstanding Program funding obligations; and

b.   there are no outstanding guaranteed financings approved by the Board. (Sec. 2)

3.   Provides that if neither of these conditions exist on January 1, 2037, the Board is repealed 30 days after both conditions are met. (Sec. 2)

4.   Contains a purpose statement. (Sec. 3)

5.   Makes the legislation retroactive to July 1, 2026. (Sec. 4)

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9.   Initials CH/JD                 SB 1422

10.  3/11/2026  Page 0 Caucus & COW

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