AZ SB1462

Amends Arizona Revised Statutes section 15-1682 to authorize the Board of Regents to obtain lines of credit for cash management and issue commercial paper.

Adds new section 15-1696 authorizing the Board of Regents to issue commercial paper with maturities up to 270 days for capital projects, institutional expenses, or payment of previously issued obligations.

Permits commercial paper to be secured by pledges allowed under section 15-1685 or from budgeted and allocated board funds, with the board establishing maximum interest rates and final maturity dates by resolution.

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

Requires the Board of Regents to provide an annual report to the President of the Senate, Speaker of the House, and Governor by November 15 detailing all commercial paper issued, purposes, and redemptions during the previous fiscal year.