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Municipal Financing MechanismsThe House Ways and Means Committee addressed two bills on Monday, February 6, that would authorize the use of alternative financing mechanisms in Arizona. The first measure, HB 2445 (state capitol restoration; recapture district) authorizes the formation of a State Capitol Centennial Restoration and Economic Recapture District that uses state transaction privilege tax (TPT) revenues to benefit the district as well as the restoration of the state Capitol. The League registered its support of the measure, which was discussed and subsequently held.The second bill, HB 2469 (revenue allocation districts) passed out of committee on 7-2 vote. The measure, sponsored by Representative Rick Gray (R-Sun City), authorizes municipalities to form Revenue Allocation Districts, which can pledge increases in both property tax and TPT revenue to secure bonds issued to benefit the district. The League actively supports the measure, which now proceeds to the House Rules Committee. |
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Legislative Bulletin is published by the League of Arizona Cities and Towns. Forward your comments or suggestions to league@azleague.org. |
