HB 2017 — bonds; disclosure; notice

HB2017 - 531R - IH Ver     PREFILED   House JANEngrossed 04      State of Arizona House of Representatives Fifty-third Legislature First Regular Session     HOUSE BILL 2017 REFERENCE  TITLE:    AN ACT   amending section 35-454, Arizona Revised Statutes;

bonds;

disclosure;

notice       State of Arizona House of Representatives Fifty-third Legislature First Regular Session     HB 2017   Introduced by Representative Leach     AN ACT   amending section 35-454, Arizona Revised Statutes;

(g)  The estimated tax impact of debt service for the bonds, both at the estimated interest rate based on current market conditions and at the maximum interest rate to be authorized by the voters, on an owner‑occupied residence classified as class three pursuant to section 42‑12003, on commercial property classified as class one pursuant to section 42‑12001, paragraph 12 and on agricultural or other vacant property classified as class two pursuant to section 42‑12002, assuming the net assessed valuation of the property increases annually at the lesser of five percent or fifty percent of the projected total annual increase in net assessed valuation as determined pursuant to subdivision (d) of this paragraph over the term of the bonds using the same average annual tax rate as under subdivision (d) of this paragraph, only as follows:

(h)  In bold‑faced type, The estimated total cost of the proposed bond authorization, including principal and interest, both at the estimated interest rate based on current market conditions and at the maximum interest rate to be authorized by the voters.

A "yes" vote shall authorize the ______ governing body to issue and sell $______ of ______ bonds of the district to be repaid with secondary property taxes.  The primary tax rate may increase or other revenue sources may be used to pay for the operation and maintenance of projects funded by the bonds.