35-501
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35-501. Department of revenue records of bond issues; debt level analysis and report A. By June 30 of each year, the department of revenue shall ascertain and record in its office all issues of bonds, certificates of participation or other securities issued for a term in excess of one year by the state or a county, city, town, school district, irrigation district, other political subdivision or municipal property corporation within the state. The record shall show the date of issuance, amount, denomination, rates of interest, maturity, dates of the bonds, certificates of participation or securities and other information the department requires. B. The reports relating to the issuance of bonds and securities required under subsection A shall be filed with the department of revenue within sixty days of the issuance and shall contain the following information: 1. The par amount of the bonds or securities. 2. The interest rate, by maturity of the bonds or securities. 3. The repayment schedule, showing both principal and interest for the issue. 4. The sources of repayment. 5. The original issue price and any premium or discount, by maturity, for the issue. 6. A detailed listing of all issuance costs, regardless of source of payment, including underwriter's compensation, bond counsel fees, financial advisor fees, verification agent fees, placement agent fees, investment securities brokerage fees, registrar fees, trustee fees, credit enhancement fees, rating agency fees, printing costs, registration fees, transfer and recording fees and any other costs directly or indirectly earned or paid as a result of the issuance of the bonds or securities, as determined by the department. 7. The total amount of parity bonds or securities outstanding, including the issue, at the time of issuance. 8. The total amount of any bonds or securities, senior or subordinate to the issue outstanding at the time of issuance. 9. The amount of any constitutional or statutory limitation on the issuance of bonds or securities of the type issued. 10. The remaining amount of bonds or securities that may be issued within the limitation determined in paragraph 9. 11. The amount of any constitutional or statutory voter authorization applicable to the issuance of bonds or securities of the type issued. 12. The remaining amount of bonds or securities that may be issued within the authorization determined in paragraph 9. 13. Any other similar or related information the department may determine. C. By December 15 of each year, the department of revenue shall provide to the governor, the president of the senate and the speaker of the house of representatives a report of the information collected pursuant to subsection A. This report shall include an analysis of the outstanding indebtedness of each jurisdiction and the relationship of the outstanding indebtedness to the appropriate debt limitations in article IX, sections 5, 8 and 8.1, Constitution of Arizona. D. If as a result of the analysis conducted pursuant to subsection C the department of revenue determines that the outstanding indebtedness of a jurisdiction is in excess of the debt limitation prescribed by the Constitution or statutes of Arizona, the department of revenue shall notify the governing body or board of the jurisdiction, the governor, the president of the senate, the speaker of the house of representatives and, in the case of a school district, the superintendent of public instruction. E. The director of the department of revenue shall notify the person or governing body responsible for complying with this section of a failure to comply in whole or in part with the requirements of this section. Any person or governing body so notified shall comply within thirty days. Any county, city, town, school district, irrigation district or other political subdivision of the state that fails to comply fully with the provisions of this article shall not issue any additional bonds or other securities. |