HB 2142

House Bill (HB) 2142: water infrastructure finance authority; prepayment

Sponsor: Representative Borrelli

Overview: HB 2142 prohibits the Water Infrastructure Finance Authority of Arizona (WIFA) from imposing a redemption premium as a condition of refinancing or receiving prepayment under certain conditions.

League Position: SUPPORT - The League supports the bill as it prohibits WIFA from making unilateral decisions.

Summary: HB 2142 prohibits WIFA from unilaterally amending a financial assistance agreement, loan or bond after its execution, and imposing a redemption premium as a condition of refinancing or receiving prepayment on an agreement, loan or bond if it did not contain a redemption premium. This would apply to any agreement, loan or bond issued before or after the effective date of this legislation.

Updates

04/10/15: signed by the governor. Chapter 260, Laws 2015

03/30/15: House concurred in Senate amendments and passed on final reading 36-24 (lost emergency clause) ;ready for governor.

03/25/15: passed Senate 27-2; ready for House action on Senate amendments

03/24/15: Senate COW approved with floor amendment

03/23/15: retained on Senate COW calendar

03/04/15: stricken from Senate consent calendar by Pancrazi.

03/04/15: from Senate rules okay. To Senate consent calendar.

02/24/15: The bill passed the Senate Water and Energy Committee by a vote of 6-1. The bill now proceeds to the Rules Committee.