AZ SB1233

Establishes the Arizona Infrastructure Financing Authority to provide direct loans and loan guarantees for transportation infrastructure projects that are economically viable and of local or statewide significance.

Requires a board of directors consisting of a chief executive officer (nonvoting) appointed by the governor and seven voting members appointed by the governor with senate consent, serving four-year terms with no more than four from the same political party.

Limits loans and loan guarantees to infrastructure projects costing at least $5 million ($2.5 million in rural areas), covering no more than 50% of project costs, with maximum annual limits of $75 million (first two fiscal years), $150 million (years three through nine), and $300 million (year ten and beyond).

Requires loans to be repaid from tolls, user fees, impact fees, tax increments or other dedicated revenue sources, with base interest rates matching U.S. Treasury debt of similar maturity and maximum 35-year repayment periods.

Appropriates $100,000,000 from the state general fund in fiscal year 2014-2015 to establish the Arizona Infrastructure Financing Authority Fund, with up to $5 million for administrative costs in 2014-2015 and $8 million in 2015-2016.