HCR2062 is a resolution that establishes additional requirements for bond issuance elections and elections to authorize indebtedness by municipalities, counties, school districts, and other political subdivisions in Arizona. These entities may issue bonds to finance capital projects, such as building schools and highways, and must submit the question of bond issuance to the qualified electors of the jurisdiction. The resolution outlines that upon voter approval, bonds are repaid with interest using property tax monies. It also states that a governing body or board of a political subdivision may submit to voters the question of whether to authorize indebtedness, and upon a petition signed by a certain percentage of qualified electors, an election must be called.

The resolution includes several key provisions: it limits elections seeking approval of indebtedness or bond issuance to the first Tuesday after the first Monday in November in even-numbered years only; it increases the required percentage of qualified electors needed to sign a petition to call an election from 15% to 25%; it stipulates that a bond is only issued or indebtedness approved if a majority of qualified electors vote in favor and the voter turnout is at least 60%; it specifies that a bond election otherwise scheduled for 2025 must not be held earlier than 2026; it exempts charter cities from this law; and it requires the Secretary of State to submit the proposition to the voters at the next general election. The resolution will become effective upon approval by the governor and proclamation of the Governor, and it also makes technical and conforming changes.

Statutes affected:
Introduced Version: 9-524, 15-1465, 16-204, 35-452, 35-453, 35-455, 35-451
House Engrossed Version: 9-524, 15-1465, 16-204, 35-452, 35-453, 35-455, 35-451