Arizona Lawmakers Look for Debt By Any Other Name

Williamson, Richard
April 2003
Bond Buyer;4/1/2003, Vol. 344 Issue 31605, p38
Trade Publication
Being faced with a $3,50,000 debt limit and a $1 billion revenue shortfall, Arizona lawmakers are mapping new adventures in creative finance for the fiscal year 2004 by using certificates of participation (COPs) and revenue bonds to sidestep the issue of indebtedness. According to the Department of Revenue, Arizona and its government agencies have issued $1.5 billion in COPs and revenue bonds to pay for schools, prisons, higher educational facilities, and public buildings and parks. Various lawmakers are expected to approve $247 million of revenue bonds for the Arizona School Facilities Board's court-mandated school deficiencies repair program easing the cash strain on the general fund. The state however faces debt service of $60 million rising to $100 million two years afterward.


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