Bill Text: AZ HB2221 | 2011 | Fiftieth Legislature 1st Regular | Introduced
Bill Title: Establishment; bank of Arizona
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2011-02-14 - House BI Committee action: Discussed and Held [HB2221 Detail]
Download: Arizona-2011-HB2221-Introduced.html
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REFERENCE TITLE: establishment; bank of Arizona |
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State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
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HB 2221 |
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Introduced by Representative Fillmore
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AN ACT
aMENDING TITLE 6, Arizona Revised Statutes, by adding chapter 18; relating to the bank of Arizona.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 6, Arizona Revised Statutes, is amended by adding chapter 18, to read:
CHAPTER 18
BANK OF ARIZONA
ARTICLE 1. GENERAL PROVISIONS
6-1801. Establishment of bank of Arizona
A. This state shall engage in the business of banking and shall maintain a system of banking owned, controlled and operated by this state under the name of the Bank of Arizona.
B. The bank of Arizona must comply with chapter 2 of this title.
6-1802. Bank of Arizona commission duties
The bank of Arizona commission shall operate, manage and control the Bank of Arizona, locate and maintain its places of business, of which the principal place must be in this state, and make and enforce orders, rules and bylaws for the transaction of its business. The business and financial transactions of the bank, in addition to other matters specified in this chapter, may include anything that any bank or bank holding company may lawfully do. This section does not limit or qualify either the powers of the bank of Arizona commission or the functions of the Bank of Arizona. The powers of the bank of Arizona commission and the functions of the Bank must be implemented through actions taken and policies adopted by the bank of Arizona commission.
6-1803. Bank of Arizona advisory board of directors; terms
A. An advisory board of directors to the bank of Arizona is established consisting of the following seven persons:
1. One member of the senate who is appointed by the president of the senate.
2. One member of the house of representatives who is appointed by the speaker of the house of representatives.
3. Three persons who are appointed by the state treasurer.
4. Two public members who are appointed by the governor.
B. The terms of members appointed pursuant to subsection A, paragraph 3 or 4 are four years.
6-1804. Duties of the bank of Arizona advisory board of directors
The advisory board of directors to the Bank of Arizona shall:
1. Establish the bank of Arizona commission to manage and operate the bank of Arizona.
2. Meet regularly with the management of the Bank of Arizona to review the Bank's operations to determine whether recommendations should be made by the board to the bank of Arizona commission relating to improved management performance, better customer service and overall improvement in internal methods, procedures and operating policies of the bank.
3. Make recommendations to the bank of Arizona commission relating to the establishment of additional objectives for the operation of the Bank of Arizona.
4. Make recommendations to the bank of Arizona commission concerning the appointment of officers of the Bank of Arizona.
5. Meet regularly with the bank of Arizona commission to present any recommendations concerning the Bank of Arizona.
6-1805. Bank president and employees; compensation
The bank of Arizona commission shall employ officers, employees and agents as the bank of Arizona commission deems necessary and in the interests of this state and shall prescribe the duties, designate the titles and fix the compensation of all appointed persons.
6-1806. Removal and discharge of appointees
The bank of Arizona commission may remove and discharge any person appointed pursuant to this chapter.
6-1807. State monies deposited in bank of Arizona; income of the bank
A. All state monies must be deposited in the Bank of Arizona by the persons having control of the monies or must be deposited in accordance with constitutional and statutory provisions.
B. All income earned by the Bank for its own account on state monies that are deposited in or invested with the Bank to the credit of this state must be credited to and become a part of the revenues and income of the Bank.
C. Notwithstanding any other law, all monies in the state compensation fund, established by section 23‑981, on the effective date of this chapter shall be deposited in the bank of Arizona.
6-1808. Guaranty of deposits; exemption from all taxation
All deposits in the Bank of Arizona are guaranteed by this state. The deposits are exempt from all state, county and municipal taxes.
6-1809. Clearinghouse
For banks that make the Bank of Arizona a reserve depositary, the bank of Arizona may perform the functions and render the services of a clearinghouse, including all facilities for providing domestic and foreign exchange, and may rediscount paper, on terms that the bank of Arizona commission prescribes.
6-1810. Powers
The Bank of Arizona may make, purchase, guarantee or hold loans to all persons in this state as prescribed by the bank of Arizona advisory board of directors and the bank of Arizona.
6-1811. Loans to state general fund
If the balance in the state general fund is insufficient to meet legislative appropriations, the bank of Arizona may loan monies to the state general fund up to amounts allowed by law. The loans shall be in a manner as determined by the bank of Arizona advisory board of directors and the bank of Arizona commission.
6-1812. Limitations on loans
Notwithstanding any other law, the bank of Arizona may not make any loan or otherwise give its credit to a member of the Bank of Arizona commission or the bank of Arizona advisory board of directors. Before taking office, a member of the bank of Arizona commission must file a statement with the bank of Arizona indicating any personal interest that the member has in any loan or loan application in existence or pending at any time during the member's term on the commission.
6-1813. Program termination
The program established by this chapter ends on July 1, 2021 pursuant to section 41‑3102.
Sec. 2. Initial terms of members of the bank of Arizona advisory board of directors
A. Notwithstanding section 6‑1803, Arizona Revised Statutes, as added by this act, the initial terms of members of the bank of Arizona advisory board of directors appointed pursuant to section 6‑1803, subsection A, paragraphs 3 and 4, Arizona Revised Statutes, as added by this act, are:
1. Two terms ending July 1, 2013.
2. Three terms ending July 1, 2015.
B. All subsequent appointments shall be made as prescribed by statute.
