Bill Text: AZ SCR1033 | 2023 | Fifty-sixth Legislature 1st Regular | Engrossed
Bill Title: State debt; limit; restrictions; prohibitions
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2023-03-28 - House COM Committee action: Do Pass Amended, voting: (6-4-0-0-0-0) [SCR1033 Detail]
Download: Arizona-2023-SCR1033-Engrossed.html
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Senate Engrossed
state debt; limit; restrictions; prohibitions |
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State of Arizona Senate Fifty-sixth Legislature First Regular Session 2023
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SENATE CONCURRENT RESOLUTION 1033 |
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A Concurrent Resolution
proposing an amendment to the Constitution of Arizona; amending article IX, section 5, Constitution of Arizona; relating to the power of the state to contract debt.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it resolved by the Senate of the State of Arizona, the House of Representatives concurring:
1. Article IX, section 5, Constitution of Arizona, is proposed to be amended as follows if approved by the voters and on proclamation of the Governor:
5. Power of state to contract debts; purposes; limit; restrictions; definition
Section 5. A. The This state may contract debts to supply the casual deficits or failures in revenues, or to meet expenses not otherwise provided for, ; but the aggregate amount of such debts, direct and contingent, whether contracted by virtue of one or more laws, or at different periods of time, shall never exceed the sum of three hundred and fifty thousand dollars; and $350,000. The money arising from the creation of such debts shall be applied to the purpose for which it was obtained or to repay the debts so contracted, and to no other purpose.
B. In addition to the above limited power to contract debts, the this state may borrow money to repel invasion, suppress insurrection, or defend the this state in time of war, ; but the money thus raised shall be applied exclusively to the object for which the loan shall have been authorized or to the repayment of the debt thereby created.
C. No Money shall not be paid out of the state treasury, except in the manner provided by law.
D. For the purposes of this section, "debt" means the following obligations of this state that are paid with state general fund monies:
1. General obligation bonds.
2. Long-term notes and obligations.
3. Certificates of participation and other obligations pursuant to any lease-purchase agreement.
4. Revenue bonds.
5. Obligations of this state in one fiscal year that are deferred in whole or in part to another fiscal year.
2. The Secretary of State shall submit this proposition to the voters at the next general election as provided by article XXI, Constitution of Arizona.
