SB1164 Summary

• Amends Arizona Revised Statutes Title 48 regarding sanitary district bonds by extending maximum maturity periods from 20-25 years to 30-41 years for certain bond issuances.

• Allows bonds that refinance existing debt with up to 41-year maturity periods only if the sanitary district holds a public hearing and the new bonds do not increase the district's bonding capacity.

• Extends the maximum repayment period for improvement bonds from 25 years to 30 years, or up to 41 years when the initial bond purchaser is the United States of America or a federal agency.

• Modifies language regarding bond sales, assessment payments, and installment collection to accommodate the longer bond maturity periods and updates statutory terminology.

• Applies extended maturity periods to bonds issued for improvement districts when the initial purchaser is a federal entity, allowing repayment collection over up to 41 annual installments instead of 25.