HB 2518 Summary

• Changes the designation of Title 48, Chapter 36, Arizona Revised Statutes from "theme park and support facility district" to "theme park districts" and removes references to vehicle support facilities throughout the statute.

• Modifies bond issuance requirements by reducing the required private funding commitment from 50% to 20% of the principal bond amount and extending the deadline for initial bond issuance from December 31, 2013 to December 31, 2020.

• Adds new section 48-6256 requiring the auditor general to conduct a performance audit within 300 months of initial bond issuance, with district dissolution and asset liquidation to occur within 60 months after the audit is delivered.

• Allows the board discretion to issue bonds separately or together in one or more issues, rather than requiring all theme park purposes be included in the same bond issue at the same time.

• Permits the board to elect that bonds be issued as taxable in the state, providing flexibility in bond characterization for tax purposes.