school districts; bonds; financial advisors
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires school districts in Arizona to hire independent municipal advisors before holding bond elections for school projects. These advisors will assist the school board in determining the best way to issue bonds, including structuring repayment and obtaining ratings. The advisors must act in the district’s best interest and are only compensated if voters approve the bond election.
Key provisions
- School districts must hire an independent municipal advisor before bond elections.
- The advisor must be registered with the Securities and Exchange Commission.
- The advisor will assist with determining bond repayment structures and obtaining ratings.
- The advisor must assist in preparing informational pamphlets for voters.
- Advisors are compensated only if voters approve the bond election.
- Advisors cannot collude with other professionals or purchase school district bonds they advised on.
- Districts are exempt if they cannot find a qualified advisor.
Who is affected
- School districts in Arizona
- School district governing boards
- Voters in school districts
Notable changes
- Establishes a requirement for independent municipal advisors in school bond elections.
- Specifies the duties and responsibilities of these advisors.
Bill text
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Sponsors
Official sponsors from legislative records.
5 on record
Primary sponsor
Cosponsors
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