Bill Amendment: AZ SB1415 | 2014 | Fifty-first Legislature 2nd Regular
Bill Title: Municipal elections; majority vote calculation
Status: 2014-04-03 - House Committee of the Whole action: Retained on the Calendar [SB1415 Detail]
Download: Arizona-2014-SB1415-HOUSE_PROPOSED_AMENDMENT_Government_-_Strike_Everything.html
Fifty-first Legislature GOV
Second Regular Session S.B. 1415
PROPOSED
HOUSE OF REPRESENTATIVES AMENDMENTS TO S.B. 1415
(Reference to Senate engrossed bill)
Strike everything after the enacting clause and insert:
"Section 1. Title 48, chapter 1, Arizona Revised Statutes, is amended by adding article 14, to read:
ARTICLE 14. MISCELLANEOUS
48-296. Bonding limits; net assessed valuation; exception
For any special taxing district organized or authorized pursuant to this title, other than a fire district established pursuant to chapter 5 of this title:
1. A district with a net assessed valuation that is less than eighty Per cent of the net assessed valuation of the county in which the majority of the district is located may not issue general obligation bonds in an amount that exceeds the lesser of the following:
(a) Twenty per cent of the net assessed valuation of the taxable Property in the district at the time the bonds are issued.
(b) The general obligation bond limit otherwise prescribed by law for that special taxing district.
2. A district with a net assessed valuation that is equal to or Greater than eighty per cent of the net assessed valuation of the county in which the majority of the district is located may not issue general obligation bonds in an amount that exceeds the lesser of the following:
(a) Six per cent of the assessed valuation of the taxable property of the district at the time the bonds are issued.
(b) The general obligation bond limit otherwise prescribed by law for that special taxing district."
