AZ HB2542

Amends Arizona Revised Statutes section 36-481 to modify the definition of "bonds" issued by the Arizona health facilities authority.

Expands the definition of bonds to include any obligation in any form entered into by the authority that pays interest exempt from gross income under 26 U.S. Code section 103.

Allows the authority to issue various types of debt instruments beyond traditional bonds while maintaining federal tax-exempt status for the interest paid.

Effective upon governor's approval, which occurred April 29, 2013.