HB2999 amends Arizona law to allow municipal improvement districts to issue bonds for infrastructure projects.

HB2999 modifies Arizona Revised Statutes to enable municipal improvement districts to issue bonds for infrastructure projects. The bonds can be issued for a period ranging from ten to twenty years, with interest rates determined by accepted bids and capped by the maximum rate specified in the resolution. The bonds must be signed by the mayor and countersigned by the clerk, with coupons numbered consecutively and also signed by the clerk. The governing body is responsible for establishing interest and sinking funds to cover bond interest payments and redemption.

HB2999 amends Arizona law to allow municipal improvement districts to issue bonds for infrastructure projects.

HB2999 modifies Arizona Revised Statutes to enable municipal improvement districts to issue bonds for infrastructure projects. The bonds can be issued for a period ranging from ten to twenty years, with interest rates determined by accepted bids and capped by the maximum rate specified in the resolution. The bonds must be signed by the mayor and countersigned by the clerk, with coupons numbered consecutively and also signed by the clerk. The governing body is responsible for establishing interest and sinking funds to cover bond interest payments and redemption.