HB 2040 — industrial development bonds; preapproval; repeal

Fifty-sixthHouse LegislatureEngrossed Appropriationsindustrial Firstdevelopment Regularbonds; Session H.B.

2040preapproval; PROPOSED HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B.

2040repeal (Reference(now: to printed bill) Strike everything after the enacting clause and insert:

"Sectionindustrial 1.development bonds;

preapproval;

threshold) State of Arizona House of Representatives Fifty-sixth Legislature First Regular Session HOUSE BILL 2040 AN ACT AMENDING SECTION 35-726, ARIZONA REVISED STATUTES;

RELATING TO INDUSTRIAL DEVELOPMENT BONDS.

(TEXT OF BILL BEGINS ON NEXT PAGE) - i - H.B.

2040 Be it enacted by the Legislature of the State of Arizona:

Section 1.

House8. Amendments to H.B.

2040 8.

If a general plan is approved,- the1 corporation- mayH.B. issue the series of bonds covered by the general plan with a total principal amount, maximum term and maximum interest rate no NOT greater than that which is set forth in the general plan.

2040 approved, the corporation may issue the series of bonds covered by the general plan with a total principal amount, maximum term and maximum interest rate no NOT greater than that which is set forth in the general plan.

The corporation may vary other items in the general plan on a finding that the variation is minor and that the variations will not impair the security for the bonds or substantially -2-increase Housethe Amendmentscost toof H.B.financing the single family dwelling units and the findings of the corporation shall be conclusive.

2040 increase the cost of financing the single family dwelling units and the findings of the corporation shall be conclusive.

A sanitarium, clinic, medical hotel, rest home, nursing home, skilled nursing facility, or life care facility as prescribed in section -3-20-1801, Houseif Amendmentsthe facility is to H.B.be owned and operated by this state or a political subdivision or agency of this state.

2040 20-1801, if the facility is to be owned and operated by this state or a political subdivision or agency of this state.

A nursing home, rest home, skilled nursing facility, life care facility or senior residential facility providing on-site medical and support services if the facility is owned and operated by a nonprofit organization- that2 is- exemptH.B. from taxation under section 501(c)(3) of the United States internal revenue code.

2040 organization that is exempt from taxation under section 501(c)(3) of the United States internal revenue code.

For the purposes of this section, "department" means the Arizona department of housing."housing. Amend title to conform DAVID LIVINGSTON 2040LIVINGSTON.docx 02/16/2023 08:19 AM H:

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