HB 2040 proposes amendments to the Arizona Revised Statutes relating to industrial development bonds. The bill lowers the population threshold required for a county or municipality to approve corporations to issue certain bonds from 7% to 3% of the state's population. Additionally, the bill makes technical changes, such as updating the maximum fee that can be charged for reviewing a general plan from "ten thousand dollars" to "$10,000" and for a project approval request from "five thousand dollars" to "$5,000".

The bill also clarifies language by changing the word "no" to "not" in sections detailing the conditions under which the governing body or the Arizona Department of Housing may approve bond issuance for projects. These changes ensure that the principal amount, term, and interest rate of bonds do not exceed the approved amounts, and that fees are standardized in the statute.

Statutes affected:
Introduced Version: 35-726, 41-3953, 41-3957, 35-706, 36-1471, 20-1801, 35-728, 41-4010, 36-1404
House Engrossed Version: 35-726