The bill HB2161 proposes to amend the existing law regarding industrial development bonds by reducing the population threshold required for a county or municipality to approve bond disbursement from seven percent to three percent of the total state population. This change aims to facilitate easier access to bond financing for corporations in smaller jurisdictions. Additionally, the bill includes technical changes and specifies that the governing body may charge a fee of up to $10,000 for reviewing general plans, along with reimbursement for actual costs incurred.

Furthermore, the bill maintains that corporations not meeting the approval criteria from the Arizona Finance Authority or the population threshold cannot issue bonds for certain projects without approval from the Arizona Department of Housing. It also establishes a fee of up to $5,000 for project approval requests submitted to the department. Overall, the key difference from current law is the significant reduction in the population threshold, which could broaden the scope of eligible municipalities and counties for bond disbursement approvals.

Statutes affected:
Introduced Version: 35-726
House Engrossed Version: 35-726