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HB 2452
HB 2452: bonding; amortized premium; segregated fund
(Click for bill language and additional information)

Sponsor: Rep. Norgaard

Summary: This bill providing for a pro rata amortization that matches the repayment of bond principal. This approach will ensure that such bond premium is amortized in the same manner as the principal of the bonds. This clarifying provision is added to all of the various general obligation bond statutory provisions. Also provides language that has been suggested by bankruptcy counsel across the country that seeks to further ensure that secondary property taxes levied for bonds may only be used for that purpose and no other.

League Position: SUPPORT - The League supports these changes to bond statutes because they lead to better ratings and lower costs for taxpayers.

UPDATES

2/15/2017: HB2452 passed out of House Ways and Means by a vote of 8-0. The bill now proceeds to the Rules Committee.

2/22/2017: HB2452 passed the House Third Read by a vote of 59-0-1.

2/23/2017: HB2452 was transmitted to the Senate.

3/8/2017: HB2452 passed the Senate Finance Committee by a vote of 7-0.

3/22/2017: HB2452 passed the Senate Third Read by a vote of 29-0-1.

3/23/2017: HB2452 has been transmitted to the Governor.

3/29/2017: HB2452 was signed by Governor Ducey.