Bill Text: AZ HB2694 | 2014 | Fifty-first Legislature 2nd Regular | Engrossed


Bill Title: Theme park districts; formation; bonds

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2014-04-30 - Chapter 275 [HB2694 Detail]

Download: Arizona-2014-HB2694-Engrossed.html

 

 

 

House Engrossed

 

 

 

State of Arizona

House of Representatives

Fifty-first Legislature

Second Regular Session

2014

 

 

HOUSE BILL 2694

 

 

 

AN ACT

 

amending sections 48-6202 and 48-6272, Arizona Revised Statutes; relating to theme park districts.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 


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

Section 1.  Section 48-6202, Arizona Revised Statutes, is amended to read:

START_STATUTE48-6202.  Formation of district

A.  The governing bodies of a city with a population of more than one million persons and a county with a population of more than one hundred twenty‑five thousand but less than one hundred fifty thousand persons and a city with a population of more than three thousand persons but less than five thousand persons that is located entirely in that county may jointly establish in any combination that includes the county a theme park district as provided by this chapter.  For the purposes of this subsection, the population shall be determined according to the most recent population estimate data produced by the office of employment and population statistics at the time the district is established. The district may include theme park sites in one or both cities or in the county establishing the district, or in any combination of a city or cities and a county, including a combination of a county with a population of more than one hundred twenty‑five thousand but less than one hundred fifty thousand persons and a city with a population of more than three thousand persons but less than five thousand persons that is located entirely in that county.  The city or cities and the county shall jointly establish the geographical boundaries of the district, which shall include only the sites of the theme parks.  The district may be established with a single theme park site, any additional sites may be added after the district is initially established and the geographical boundaries of the district may be revised after it is initially established.

B.  The district is a corporate and political body and, except as otherwise limited, modified or provided by this chapter, has all of the rights, powers and immunities of municipal corporations.

C.  The district is considered to be a tax levying public improvement district for the purposes of article XIII, section 7, Constitution of Arizona.

D.  The district is regarded as performing a governmental function in carrying out the purposes of this chapter.  The property acquired or constructed by the district, the activities of the district in maintaining and caring for the property and the monies derived by the district from operating the property are exempt from state and local income and property taxation. END_STATUTE

Sec. 2.  Section 48-6272, Arizona Revised Statutes, is amended to read:

START_STATUTE48-6272.  Authorization of revenue bonds; conditional expiration

A.  Subject to subsections D and E of this section, the district may issue negotiable insured revenue bonds pursuant to this article in a principal amount that is necessary to:

1.  Provide sufficient monies for theme park purposes.  The board may segregate any theme park purpose for separate financing, and may issue bonds separately or together, in one or more issues.

2.  Establish and fully or partially fund any reserves or sinking accounts established by the bond resolution.

3.  Issue refunding bonds if the board considers refunding to be expedient.  The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.

4.  Refund any bonds issued by the district if the bonds are secured from the same source of revenues as the bonds authorized in this article by issuing new bonds, whether the bonds to be refunded have or have not matured.

5.  Issue bonds partly to refund outstanding bonds and partly for any theme park purpose consistent with this article.

B.  Bonds issued pursuant to this article shall not exceed an outstanding principal amount of one billion dollars, except for refunding bonds and other bonds issued to refund outstanding bonds of the district.

C.  The board shall authorize the bonds by resolution.  The resolution shall prescribe:

1.  The district's revenue sources that are pledged and dedicated to secure the bonds.

2.  The rate or rates of interest, which may be fixed or variable, the date or dates on which interest is payable and the denominations of the bonds.

3.  The date or dates of the bonds and maturity, which shall be within thirty years after the date of issuance.

4.  The manner of executing the bonds.

5.  The medium and place of payment.

6.  The terms of redemption, which may provide for a premium for early redemption.

D.  The board shall not issue bonds under this article unless it receives irrevocable and legally enforceable financial participation commitments from private nongovernmental entities for theme park purposes, including from new market tax credits, in an amount equal to twenty per cent of the principal amount of the bond issue.

E.  The authority of the board of directors to issue bonds under this article expires if the board fails to issue any bonds on or before December 31, 2020. END_STATUTE

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