Bill > HB2320

This bill requires school districts in Arizona to hire an independent municipal advisor before calling an election to issue bonds, which are essentially loans taken out by the district for projects like building schools. This advisor, who must be registered with the Securities and Exchange Commission (SEC), will guide the school district through the election process and, if the bond issue is approved by voters, will help manage the actual issuance of the bonds to ensure the district gets the best borrowing terms. The advisor's duties include determining how the bonds will be repaid, helping to get ratings for the bonds, and assisting in hiring other professionals needed to sell the bonds, all while acting in the school district's best interest. Importantly, the advisor is prohibited from colluding in the selection of other professionals and cannot buy or underwrite the bonds they advised on.

Education

https://apps.azleg.gov/BillStatus/BillOverview/84057