HB 2493 Summary

• Amends Arizona statutes governing community facilities districts (CFDs) to clarify district formation procedures, governance structure, and financial management authority.

• Establishes process allowing district boards to reconcile composition by converting two additional appointed board members to advisory non-voting positions or permanently removing them upon petition by majority of privately owned property owners.

• Modifies bond issuance provisions to allow use of net premium from general obligation bonds only for specified purposes: paying issuance costs or depositing in debt service fund for interest payments, with excess premium reducing district debt capacity.

• Clarifies procedures for district clerk and treasurer appointments, general plan filing locations, and adds requirements that property sellers disclose district existence and estimated tax impacts to prospective purchasers.

• Codifies existing district formation election requirements and governance standards for districts with five appointed directors versus those with governing body members plus two additional appointed members.