The proposed bill would significantly update the current statutes governing infrastructure finance districts by introducing new provisions for district formation and governance. It would authorize individuals and entities with fee-title ownership of real property in the proposed district to petition the Arizona Finance Authority for district formation, while also requiring detailed contents in the petition and specifying that any financial burdens or liabilities are the sole responsibility of the district. The bill would establish that a district is formed only upon the issuance of a formation order by the Authority, which must occur within 60 days if requirements are met. Additionally, it would define the governance structure of the district, including a board of directors, and outline their qualifications, responsibilities, and powers. Moreover, the bill would update the management of assessment and revenue bonds by allowing the board to issue and sell assessment bonds following a resolution levying an assessment on property within the District. It would also introduce provisions for levying an Operations and Maintenance (O/M) tax, require the preparation of an annual budget, and enhance transparency through public input and information display on property tax bills. The bill would further modernize the language in section 48-633 of the Arizona Revised Statutes by replacing references and adjusting bond denominations, thereby streamlining the process for municipalities to manage their financial obligations effectively.

Statutes affected:
Introduced Version: 48-633