community health centers;
taxation; exemption
(now: development authority; correctional
facilities)
DP |
Committee on Public Institutions & Rural Affairs |
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DP |
Caucus and COW |
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X |
Third Read |
This bill as passed the Senate contains an Emergency clause. |
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As Passed the House |
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SB 1066 expands the definition of projects eligible to receive financing through an industrial development authority (IDA) to include new or existing correctional facilities that contract exclusively with the Arizona Department of Corrections or the Arizona Department of Juvenile Corrections for the housing of inmates or persons adjudicated delinquent.
Current Status
SB 1066 passed the Public Institutions & Rural Affairs Committee unamended. SB 1066 passed the Committee of the Whole unamended.
Industrial development bonds are securities issued by or on behalf of a local government to provide debt financing for projects used by a private contractor. Also, since the interest on these types of bonds is exempt from federal income taxation the financing costs associated with industrial development bond financing is usually reduced. Currently, an industrial development authority (IDA), on behalf of a municipality or county, is the issuer of industrial development bonds. In addition, there are 18 categories of projects that an IDA may finance under Arizona law.
· Expands the definition of projects with respect to a corporation formed with the permission of a municipality or county, other than the Arizona Board of Regents, to include new or existing correctional facilities that contract exclusively with the Arizona Department of Corrections or the Arizona Department of Juvenile Corrections for the housing of inmates or persons adjudicated delinquent.
· Contains an emergency clause.
· Makes other technical and conforming changes.
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45th Legislature
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Second Regular Session 2 April
8, 2002
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