Assigned to GOV & FIN                                                                                                            FOR COMMITTEE

 

 

 

ARIZONA STATE SENATE

Phoenix, Arizona

 

FACT SHEET FOR H.B. 2612

 

stadium districts; district treasurer

 

Purpose

 

Allows the district treasurer of a county stadium district to be either the county treasurer or the chief financial officer from the county where the district is located.

 

Background

 

In 1990, the Legislature allowed the Maricopa County Board of Supervisors to form a county stadium district as a special taxing district. Statute allows such a district to be organized, to include both the incorporated and unincorporated areas of the county, if it is first determined that the public convenience, necessity or welfare will be promoted by establishing the district.  The county board of supervisors serves as the board of directors for the county stadium district. The formation of a county stadium district in Maricopa County provided for the financing of Bank One Ballpark.

 

The board of directors, on behalf of the district, is required to appoint, from among its members, a chairman, a secretary and other officers necessary to conduct business. The county treasurer is designated ex officio as the treasurer of the county stadium district.   The district treasurer is required to maintain a county stadium district fund consisting of all monies received by the district and may invest any unexpended monies in the fund. 

 

H.B. 2612 allows the board of directors to either appoint the chief financial officer of the county where the stadium district is located as the district treasurer of the stadium district, or use the county treasurer as the ex officio treasurer.  The bill also allows the district treasurer, whether it is the county treasurer or the county chief financial officer, to invest and reinvest monies from the county stadium district fund in eligible investments with a maturity of more than five years.

 

There is no anticipated fiscal impact to the state general fund associated with this legislation.

 

Provisions

 

1.      Allows the board of directors of a stadium district to appoint the chief financial officer of the county where the stadium district is located as the district treasurer of the stadium district.

 

2.      Designates the county treasurer of the county the stadium district is located in as the ex officio treasurer of the stadium district, if the board of directors does not appoint the chief financial officer as the district treasurer.

 

3.      Allows the district treasurer to invest and reinvest monies in the county stadium district fund in eligible investments with a maturity of more than five years.  Prohibits the investment or reinvestment of operating fund monies.

 

4.      Provides for a general effective date.

 

House Action

 

MVAA            3/21/02            DP       10-0-0-0

3rd Read           4/8/02                          50-0-10-0

 

 

Prepared by Senate Staff

April 11, 2002