AZ SB1378

Amends Arizona Revised Statutes section 15-1682 to grant university boards authority to obtain lines of credit for cash management and issue commercial paper.

Authorizes boards to issue commercial paper to finance capital projects, pay institutional expenses, or refinance previously issued commercial paper obligations.

Permits commercial paper repayment to be secured by revenue sources allowed for revenue bonds under section 15-1685 or by amounts budgeted for the current fiscal period only.

Requires boards to establish by resolution a final maturity date, maximum interest rate, and terms for commercial paper, which may be sold through recognized municipal finance agents or dealers.

Exempts commercial paper issuance from joint committee on capital review approval and from computations required under section 15-1683.