41-1277. Joint legislative budget committee; annual report; state debt and obligations; definitions

265 words·~1 min read·/az/title-41/41-1277

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(L21, Ch. 405, sec. 24)

A. On or before January 31 of each year, the joint legislative budget committee staff shall present to the appropriations committees of the senate and the house of representatives a report on state debt and obligations, including:

1. Outstanding general obligation bonds.

2. Long-term notes and obligations.

3. Certificates of participation and other obligations pursuant to any lease-purchase agreements.

4. Revenue bonds.

5. Deferred rollover payment obligations.

B. The report shall contain, for the next fiscal year:

1. The statewide aggregate level of outstanding principal and the principal and interest payments, by type of debt or obligation.

2. An itemization, by budget unit, of the original due date of each deferred payment for deferred rollover payment obligations, the amount of interest paid to date due to the deferral and the amount of yearly interest to be paid in the most recent and the next fiscal year due to the deferral.

3. Information on per capita state debt and obligations.

4. Information on the ten-year history of state debt and obligations based on available data.

C. The report shall be posted on the joint legislative budget committee's website, and a copy of the report shall be provided to any member of the public who makes a request.

D. For the purposes of this section:

1. "Deferred rollover payment obligation" means an obligation to make a payment in a fiscal year that was due in and deferred from a previous fiscal year.

2. "State debt and obligations" means debt and obligations for which the principal or interest is paid with state funds.