HB 2358 Summary

• Changes the designation of Arizona Revised Statutes Title 48, Chapter 36 from "Theme Park and Support Facility District" to "Theme Park Districts"

• Removes references to "vehicle support facility" throughout the statute, eliminating provisions for motor vehicle dealer facilities and associated regulations

• Extends the deadline for the board of directors to issue bonds from December 31, 2013 to December 31, 2020, and correspondingly extends the conditional repeal date of the entire chapter

• Requires a performance audit by the auditor general to be completed no more than 300 months after initial bond issuance, with dissolution procedures requiring the board to wind up district affairs, sell assets at public auction, and transfer remaining proceeds to the state general fund

• Reduces the required private financial participation commitment from 50 percent to 20 percent of the bond principal amount, and adds new market tax credits as an eligible source of private funding