SB1718 is a bill that revises the allocation of Arizona's state ceiling for private activity bonds. The bill decreases the discretionary allocation by the director from 30% to 25% and increases the allocation for qualified residential rental projects from 15% to 40%. It also eliminates the 5% allocation for qualified student loan projects and the 10% allocation for miscellaneous projects not described in other subsections. Furthermore, the bill introduces a new provision that allocates 60% of the remaining state ceiling to certain projects from March 31 through July 31 each year, with a cap of $35,000,000 for projects in one of the subsections.

Procedurally, SB1718 clarifies the process for issuing confirmations on a first-come, first-served basis, modifies the expiration and extension of confirmations, and adjusts the process for filing requests and notices of intent for carryforward allocations. It also allows for the reallocation of carryforward confirmations within the same purpose and sets conditions for security deposit refunds. The bill includes technical and conforming changes and will take effect on the general effective date.

Statutes affected:
Introduced Version: 35-902, 35-904, 35-905, 35-907, 35-910, 35-909, 93-383, 98-181, 98-479
Senate Engrossed Version: 35-902, 35-904, 35-905, 35-907, 35-910, 35-909, 93-383, 98-181, 98-479
House Engrossed Version: 35-902, 35-904, 35-905, 35-907, 35-910, 35-909, 93-383, 98-181, 98-479
Chaptered Version: 35-902, 35-904, 35-905, 35-907, 35-910, 35-909, 93-383, 98-181, 98-479