Bill Text: AZ HB2568 | 2016 | Fifty-second Legislature 2nd Regular | Engrossed
Bill Title: Community facilities districts; formation; governance
Spectrum: Partisan Bill (Republican 1-0)
Status: (Vetoed) 2016-05-10 - Governor Vetoed [HB2568 Detail]
Download: Arizona-2016-HB2568-Engrossed.html
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Senate Engrossed House Bill |
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State of Arizona House of Representatives Fifty-second Legislature Second Regular Session 2016
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HOUSE BILL 2568 |
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AN ACT
AMENDING SECTIONS 48-701, 48-702, 48‑705, 48‑707, 48-711, 48‑715, 48‑719 and 48‑723, Arizona Revised Statutes; amending title 48, chapter 4, article 6, Arizona Revised Statutes, by adding sections 48‑726, 48‑727, 48‑728 and 48‑729; RELATING TO COMMUNITY FACILITIES DISTRICTS.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 48-701, Arizona Revised Statutes, is amended to read:
48-701. Definitions
In this article, unless the context otherwise requires:
1. "Clerk" includes any person or official who performs the duties of clerk of the municipality or county or any person appointed by the district board to be the district clerk pursuant to section 48‑711, subsection D.
2. "County" means a county that forms a community facilities district pursuant to this article in an unincorporated area or in an incorporated area with the municipality's consent.
3. "Debt service" means the principal of, interest on and premium, if any, on the bonds, when due, whether at maturity or prior redemption and fees and costs of registrars, trustees, paying agents or other agents necessary to handle the bonds and the costs of credit enhancement or liquidity support.
4. "District" means a tax levying community facilities district formed pursuant to this article by a municipality or formed pursuant to this article by a county in an unincorporated area or in an incorporated area with the municipality's consent.
5. "District board" means the board of directors of the district, which shall be comprised consist of the members of the governing body of the municipality or county, ex officio, or, at the option of the governing body, five directors appointed by the governing body under this article pursuant to section 48-711.
6. "Enhanced municipal services" means public service provided by a county or municipality within the district at a higher level or to a greater degree than provided in the remainder of the county or municipality, including such services as public safety, fire protection, street or sidewalk cleaning or landscape maintenance in public areas.
7. "General obligation bond" means a bond that is issued pursuant to section 48‑719 and that is secured by a pledge of ad valorem taxes levied by the district.
8. "General plan" means the general plan described in section 48‑702, subsection B, as the plan may be amended.
9. "Governing body" means the body or board which that by law is constituted as the legislative department of the municipality or county.
10. "Municipality" means an incorporated city or town.
11. "Owner" means the person who, on the day the action, election or proceeding is begun or held, appears to be the owner of real property as shown on the property tax assessment roll.
12. "Public infrastructure" means all improvements listed in this paragraph that will result in a beneficial use principally to land within the geographical limits of the district and may include a district's share of any improvements listed in this paragraph if the district board determines such share is proportionate to the beneficial use of such improvements to land within the geographical limits of the district, improvements within or outside the geographical limits of the district, necessary or incidental work, whether newly constructed, renovated or existing, and all necessary or desirable appurtenances. For the purposes of this paragraph, adoption by the district board of a resolution of intent pursuant to section 48‑715 shall conclusively establish that the improvements or, if applicable, share of the improvements that are the subject of the resolution will result in a beneficial use principally to land within the geographical limits of the district. Public infrastructure improvements are:
(a) Sanitary sewage systems, including collection, transport, storage, treatment, dispersal, effluent use and discharge.
(b) Drainage and flood control systems, including collection, transport, diversion, storage, detention, retention, dispersal, use and discharge.
(c) Water systems for domestic, industrial, irrigation, municipal or fire protection purposes, including production, collection, storage, treatment, transport, delivery, connection and dispersal, but not including facilities for agricultural irrigation purposes unless for the repair or replacement of existing facilities when required by other improvements permitted by this article.
(d) Highways, streets, roadways and parking facilities, including all areas for vehicular use for travel, ingress, egress and parking.
(e) Areas for pedestrian, equestrian, bicycle or other nonmotor vehicle use for travel, ingress, egress and parking.
(f) Pedestrian malls, parks, recreational facilities other than stadiums, and open space areas for the use of members of the public for entertainment, assembly and recreation.
(g) Landscaping, including earthworks, structures, lakes and other water features, plants, trees and related water delivery systems.
(h) Public buildings, public safety facilities and fire protection facilities.
(i) Lighting systems.
(j) Traffic control systems and devices, including signals, controls, markings and signage.
(k) Equipment, vehicles, furnishings and other personalty related to the items listed in this paragraph.
13. "Public infrastructure purpose" means:
(a) Planning, design, engineering, construction, acquisition or installation of public infrastructure.
(b) Acquiring, converting, renovating or improving existing facilities for public infrastructure.
(c) Acquiring interests in real property for public infrastructure.
(d) Establishing, maintaining and replenishing reserves from any source described in section 48‑717 or from any other source in order to secure payment of debt service on bonds.
(e) Notwithstanding section 48‑589, funding and paying from bond proceeds interest accruing on bonds for a period of not to exceed three years from their date of issuance.
(f) Providing for the timely payment of debt service on bonds or other indebtedness of the district.
(g) Refinancing any matured or unmatured bonds with new bonds.
(h) Incurring expenses of the district incident to and reasonably necessary to carry out the purposes specified in this paragraph.
14. "Revenue bonds" means those bonds that are issued pursuant to section 48‑720 and that are secured by a pledge of revenues of the district or revenues collected by the county or municipality and returned to the district.
15. "Treasurer" includes any person or official who performs the duties of treasurer of the municipality or county or any person appointed by the district board as the district treasurer pursuant to section 48‑711, subsection D.
Sec. 2. Section 48-702, Arizona Revised Statutes, is amended to read:
48-702. Resolution declaring intention to form district
A. If the public convenience and necessity require, and on presentation of a petition signed by the owners of at least twenty‑five per cent percent of the land area proposed to be included in the district, the governing body may adopt a resolution declaring its intention to form a community facilities district to that shall include contiguous or noncontiguous property which shall be that is wholly within the corporate boundaries of the municipality or county. Beginning with districts formed after the effective date of this amendment to this section, if the land proposed to be included in the district is more than six hundred acres and, for land that is located in the unincorporated area of a county, the land meets the requirements prescribed in subsection C of this section, on presentation of a petition signed by the owners of all of the land area proposed to be included in the district, the governing body shall adopt a resolution declaring its intention to form a community facilities district to include contiguous or noncontiguous property that is wholly within the corporate boundaries of the municipality or county. noncontiguous property may be included in a district only if it is under common ownership or control and would be served by common infrastructure. Beginning with districts formed after the effective date of this amendment to this section, the governing body shall adopt the resolution WITHIN ninety days after the submittal of the petition. The resolution shall state the following:
1. The area or areas to be included in the district.
2. The purposes for which the district is to be formed.
3. That a general plan for the district is on file with the clerk.
4. The date, time and place of the hearing to be held on the formation of the district.
5. The place where written objections to the formation of the district may be filed.
6. That formation of the district may result in the levy of taxes to pay the costs of improvements constructed by the district and for their operation and maintenance.
7. A reference to this article.
8. Whether the district will be governed by a district board comprised that consists of the members of the governing body, ex officio, or, at the option of the governing body or, for districts formed after the effective date of this amendment to this section, at the option of the landowners and if the total area to be included in the district is larger than six hundred acres, five directors appointed by the governing body pursuant to section 48‑711, subsection C.
B. Before adopting a resolution under this section: ,
1. A general plan for the district shall be filed with the clerk setting out a general description of the public infrastructure improvements for which the district is proposed to be formed and the general areas to be improved.
2. The owners of the land to be included in the district shall provide to the governing body an agreement to indemnify, defend and hold harmless the governing body and its agents, consultants, officers and employees for, from and AGAINST all liabilities, claims, costs and expenses, including attorney fees, that are incurred in any challenge or PRoCeEDING related to the offer, sale and repayment of the district's BONDS and the levying by the district of any tax, assessment or charge. The INDEMNIFICATION agreement shall establish a general OBLIGATION of the owners of the land but shall not be secured by the land and shall be accepted without reference to the owners' FINANCIAL ability to make repayment. The indemnification agreement shall terminate on final repayment of any debt issued by the district.
C. The property to be included in a district formed by a county must meet all of the following requirements:
1. The zoning for the property must allow development in excess of one residential DWELLING unit per acre.
2. The PROPERTY must be included within the planning area of a MUNICIPALITY or the land use element of a municipality's general plan adopted PURSUANT to section 9-461.05 or must be located immediately adjacent to the MUNICIPALITY.
3. The property MUST be the subject of a specific plan, a planned area DEVELOPMENT or a DEVELOPMENT agreement that is approved by the county pursuant to section 11-1101.
Sec. 3. Section 48-705, Arizona Revised Statutes, is amended to read:
48-705. Order forming district; election
A. After the hearing, the governing body may adopt a resolution ordering the formation of the district, deleting any property determined not to be benefited by the district or modifying the general plan and then ordering the formation of the district or determining that the district not be formed. Beginning with districts formed after the effective date of this amendment to this SECTION, if the land proposed to be included in the district is more than six hundred acres and, for land that is located in the UNINCORPORATED area of a county, the land meets the requirements prescribed by section 48-702, subsection C, the governing BODY shall adopt a resolution within ninety days after the adoption of the resolution declaring its intention to form a community facilities district pursuant to section 48‑702 ordering the formation of the district, deleting any property determined not to be benefited by the district or modifying the general plan. A resolution ordering formation of the district shall state whether the district will be governed by a district board comprised composed of the members of the governing body, ex officio, or, at the option of the governing body or, for districts formed after the effective date of this amendment to this section, at the option of the landowners and if the total area included in the district is larger than six hundred acres, five directors appointed by the governing body pursuant to section 48-711, subsection C. If the district board will be comprised consist of appointed directors, the resolution shall contain the names of the five initial directors and the terms of office of each.
B. If the governing body determines that the district should or must be formed, it shall submit the formation to an election of the owners of land in the district who are qualified electors of this state and other landowners, according to section 48‑3043, unless a petition is presented to the governing body pursuant to section 48‑707, subsection F. Each owner has the number of votes or portions of votes equal to the number of acres or portions of acres rounded upward to the nearest one-fifth of an acre owned by that owner in the submitted district. In addition to holding the landowner election required by this subsection or receipt of the landowner petition pursuant to section 48‑707, subsection F, and subject to section 48‑707, subsection G, the governing body shall submit the formation of the district to a vote of the qualified electors who reside within the boundaries of the proposed district.
Sec. 4. Section 48-707, Arizona Revised Statutes, is amended to read:
48-707. Notice and conduct of elections; waiver
A. Any election under this article shall be a nonpartisan election called by posting notices in three public places within the boundaries of the district not less than twenty days before the election. Notice shall also be published in a newspaper of general circulation in the municipality or county or if there is no newspaper so circulated in the municipality in a newspaper of general circulation in the county in which the municipality is located once a week for two consecutive weeks before the election. The notice shall state:
1. The place of holding the election.
2. The hours during the day, not less than six, in which the polls will be open.
3. If it is a formation election, the boundaries of the proposed district.
4. If it is a bond election, the amount of bonds to be authorized for the district, the maximum rate of interest to be borne on the bonds, the maximum term of the bonds, not exceeding twenty‑five years, and the purposes for which the monies raised will be used.
5. If it is an ad valorem tax levy election pursuant to section 48‑723, the maximum tax rate per one hundred dollars of assessed valuation to be imposed, the purposes for which the monies raised will be used and the existing maximum tax rate, if any, and beginning with districts formed after the effective date of this amendment to this section, a limit on the ad valorem tax levy.
6. That a general plan is on file with the clerk.
B. The district board or the governing body, as applicable, shall determine the date of the election and the polling places for the election and may consolidate county precincts. For other than a formation election pursuant to section 48‑705, subsection B, and an election held pursuant to subsection G of this section, precinct registers shall be used. The county recorder shall submit precinct registers on the request of the clerk, and if the district includes land lying partly in and partly out of any county election precinct, the precinct registers may contain the names of all registered voters in the precinct and the election boards at those precincts shall require that a prospective elector execute an affidavit stating that the elector is also a qualified elector of the district. For formation elections and elections held pursuant to subsection G of this section, a prospective elector shall execute an affidavit stating that the elector is the owner of land in the proposed district and is a qualified elector of this state or otherwise qualified to vote pursuant to section 48‑3043 and stating the area of land in acres owned by the elector. Election board members may administer oaths or take all affirmations for these purposes. A community facilities district election held pursuant to this article is not subject to title 16, chapter 2, article 3.
C. Except as otherwise provided by this article, the election shall comply with the general election laws of this state, except that the words to appear on the ballots shall be for a formation election "district, yes" and "district, no", for a bond election "bonds, yes" and "bonds, no", for a tax election if no tax is in place "tax, yes" and "tax, no" and for a tax election to change an existing maximum or eliminate an existing tax "tax change, yes" and "tax change, no". Beginning with districts formed after the effective date of this amendment to this section, the bond question shall include authorization for an ad valorem tax levy to pay debt service on the bonds and a limit on that tax levy. The returns of election shall be made to the governing body or, if after formation, to the district board.
D. Within fourteen days after an election, the governing body, or if after formation, the district board, shall meet and canvass the returns, and if a majority of the votes cast at the election is in favor of formation, issuing the bonds, imposing the tax or changing the tax, the governing body or the district board, as appropriate, shall enter that fact on its minutes. The canvass may be continued from time to time. Failure of a majority to vote in favor of the matter submitted does not prejudice the submission of the same or similar matters at a later election.
E. If a person listed on the assessment roll is no longer the owner of land in the district and the name of the successor owner becomes known and is verified by recorded deed or other similar evidence of transfer of ownership, the successor owner is deemed to be the owner for the purposes of this article.
F. Notwithstanding any other provision of this article, if a petition for formation is signed by owners of all of the land in the district described in the petition and, only for districts formed before the effective date of this amendment to this section, if it is approved by the municipality or county, the municipality or county may, and for districts formed after the effective date of this amendment to this section shall, waive any or all requirements of posting, publication, mailing, notice, hearing and landowner election. On receipt of such a petition, and after approval by an election of resident electors, if any, the municipality or county shall declare the district formed without being required to comply with the provisions of this article for posting, publication, mailing, notice, hearing or landowner election.
G. Notwithstanding any other provision of this article, if no person has registered to vote within the district within fifty days immediately preceding any scheduled election date, any election required to be held pursuant to this article shall be held with the vote by the owners of land within the district who are qualified electors of this state and other landowners according to section 48‑3043. Each owner has the number of votes or portion of votes equal to the number of acres or portion of acres rounded upward to the nearest one-fifth of an acre owned in the district by that person.
H. For a district that is proposed to be formed by a county, a district may be formed only if a petition for formation is signed by the owners of all of the land in the district that is described in the petition and, only for districts formed before the effective DATE of this amendment to this section, if it is approved by the county. If the district is proposed to be formed in a county island, as defined in section 11-251.12, in existence on the effective date of this amendment to this section September 21, 2006, the petition must be signed by the owners of all of the land in the district that is described in the petition and the district must be approved by the county and by the municipality or all municipalities that form the county island. If the petition is signed by the owners of all of the land in the district, the county may, and for districts formed after the effective date of this amendment to this section shall, waive any or all requirements of posting, publication, mailing, notice, hearing and landowner election. On receipt of such a petition, and after approval by an election of one hundred per cent percent of the resident electors, if any, the county shall declare the district formed without being required to comply with the provisions of this article for posting.
Sec. 5. Section 48-711, Arizona Revised Statutes, is amended to read:
48-711. Records; board of directors; open meetings
A. The district shall keep the following records which that shall be open to public inspection:
1. Minutes of all meetings of the district board.
2. All resolutions.
3. Accounts showing all monies received and disbursed.
4. The annual budget.
5. All other records required to be maintained by law.
B. If the resolution ordering formation of the district provides that the district will be governed by a district board appointed by the governing body, each appointed director shall serve for a term of six years, except that two directors initially appointed by the governing body in the resolution shall serve for a term of four years. The resolution shall state which directors shall serve four year terms and which shall serve six year terms. On the expiration of the term of an appointed director, the governing body shall appoint a person to fill the position and, for districts formed on or after the effective date of this amendment to this section, shall do so in a manner that complies with this section and that maintains the composition of the board as prescribed by subsection C of this section. If a vacancy occurs on the district board because of death, resignation or inability of the director to discharge the duties of director, the vacancy shall be filled by appointment made by the governing body and, for districts formed on or after the effective date of this amendment to this section, in a manner that complies with this section and that maintains the composition of the board as prescribed by subsection C of this section. A director appointed by the governing body after a vacancy shall hold office for the remainder of the unexpired term until his that director's successor is appointed. An appointed A director appointed pursuant to this subsection in a district formed before the effective date of this amendment to this section shall not be a landowner owning more than forty acres in the district, an elected official of the municipality or county or an employee or agent of the landowner or municipality or county but may be a director of more than one district.
C. Beginning with districts formed on or after the effective date of this amendment to this section, The appointed district board shall consist of five members. Three members shall be selected by the governing body, two of whom shall be selected directly by the governing body and one of whom shall be selected by the governing body from a list of at least four persons who are submitted by designation of the persons who each own more than twenty-five acres in the district. The governing body may remove and replace any one or more of these three members selected by the governing body at any time. Two additional members shall be selected by designation of the persons who each own more than twenty-five acres in the district. A director appointed pursuant to this subsection may be a director of more than one district. All directors selected by or submitted by designation of the persons who each own more THAN TWENTY-five acres in the district shall have expertise in one or more of the fields of real estate, engineering, land planning, construction, law or finance or a related field, but these directors shall not include persons who own more than twenty-five acres in the district. Replacement of all appointees shall be as prescribed by this subsection.
D. If a district that is in EXISTENCE on the effective date of this amendment to this section does not contain any qualified electors and has not issued any bonds pursuant to this article, the owners of all of the land in the district may submit a petition to the governing body that requests that the district board consist of five members as prescribed by subsection C of this section. WITHIN ninety days after receipt of the petition, the governing body shall vote to approve or disapprove the petition.
E. The members of the governing body of the municipality or county district are not eligible to receive compensation for their services as members of the district board.
C. F. The board of directors shall comply with title 38, chapter 3, article 3.1 as a separate political subdivision.
D. G. The district manager, clerk and district treasurer shall be the manager, clerk of the municipality or county and the treasurer of the municipality or county, respectively, unless the district board appoints a district manager, clerk and district treasurer.
Sec. 6. Section 48-715, Arizona Revised Statutes, is amended to read:
48-715. Project approval
Before constructing or acquiring any public infrastructure, the district board shall cause a study of the feasibility and benefits of the project to that shall be prepared by engineers and other qualified persons, which and that shall include a description of the public infrastructure to be constructed or acquired and all other information useful to understand the project, a map showing, in general, the location of the project, an estimate of the cost to construct, acquire, operate and maintain the project, an estimated schedule for completion of the project, a map or description of the area to be benefited by the project, and a plan for financing the project. Within sixty days after receiving the report, the board shall hold a public hearing on the report and provide notice of the hearing by publication not less than ten days in advance in the official newspaper of the municipality or county or, if none in the municipality, a newspaper of general circulation in the county and by mail to the governing body of the municipality. Within sixty days after the hearing, the district board may reject, amend or approve the report. If the report is amended substantially a new hearing shall be held within sixty days AFTER the date the amended report is received and before approval. If the report is approved, the district board shall adopt a resolution of intent which that identifies the public infrastructure of the project, the areas benefited, the expected method of financing, including the nature and timing of the issuance of bonds, if any, and an appropriate system of providing revenues to operate and maintain the project. the district board shall execute the provisions of the report within the time frames identified in the approved report.
Sec. 7. Section 48-719, Arizona Revised Statutes, is amended to read:
48-719. General obligation bonds; tax levy
A. At any time after the hearing on formation of the district, the district board, or, if before formation, the governing body, may from time to time order and call a general obligation bond election to submit to the qualified electors of the district or to those persons who are qualified to vote pursuant to section 48‑707, subsection G the question of authorizing the district board to issue general obligation bonds of the district to provide monies for any public infrastructure purposes consistent with the general plan. The election may be held in conjunction with the formation election.
B. If general obligation bonds are approved at an election, the district board may issue and sell general obligation bonds of the district.
C. If the bonds are to be sold in a public offering, no bonds may be issued by the district unless the bonds receive one of the four highest investment grade ratings by a nationally recognized bond rating agency.
D. The district may issue and sell refunding bonds to refund any general obligation bonds of the district. If general obligation bonds are issued to refund any general obligation bonds of the district no election on the issuance of such refunding bonds is required.
E. After the bonds are issued, the district board shall enter in its minutes a record of the bonds sold and their numbers and dates and except as otherwise limited by the terms of the bond election pursuant to section 48‑707, subsection C, shall annually levy and cause an ad valorem tax to be collected, at the same time and in the same manner as other taxes are levied and collected on all taxable property in the district, sufficient, together with any monies from the sources described in section 48‑717, to pay debt service on the bonds when due. In pledging the proceeds of an ad valorem property tax, the district board may limit the rate of taxation or the amount of ad valorem tax that it is obligated to levy or collect as prescribed by the terms of the bond election pursuant to section 48-707, subsection C to pay for the bonds issued. Monies derived from the levy of the tax provided in this section when collected constitute funds to pay the debt service on the bonds and shall be kept separately from other funds of the district.
Sec. 8. Section 48-723, Arizona Revised Statutes, is amended to read:
48-723. District taxes; annual financial estimate and budget
A. Except as provided in subsection D of this section and at any time after the hearing on formation of the district, the district board, or, if before formation, the governing body, may call an election to submit to the qualified electors of the district or to the persons qualified to vote pursuant to section 48‑707, subsection G the question of authorizing the district board to levy an ad valorem tax on the assessed value of all the real and personal property in the district at a rate or rates which that do not exceed the maximum rate or rates specified in the ballot. All taxes attributable to the operation and maintenance expenses of the district, excluding expenses for an area described in section 48‑709, subsection G, shall not exceed an amount equal to thirty cents per one hundred dollars of assessed valuation for all real and personal property in the district, unless a higher rate is approved by a vote of the electors of the district, or by the persons who are qualified to vote as provided in section 48‑707, subsection G, voting at an election not less than three years after the date of the formation of the district. The election may be held in conjunction with the formation election. Once approved at an election, the maximum rate remains in effect until increased or decreased at a subsequent election. If a maximum rate is in effect, the district board, on petition of twenty-five per cent percent of the qualified electors of the district, or by those persons owning twenty-five per cent percent of the land area who are qualified to vote pursuant to section 48‑707, subsection G, shall call an election to reduce the maximum tax rate but not below the lesser of that rate determined by the district board to be necessary to maintain the district's facilities and improvements or the actual rate then in effect. On the presentation to the district board of a petition signed by the owners of a majority of the property in the district, the district board shall adopt a resolution to reduce or eliminate the portion of the tax, beginning the next fiscal year, required for one or more enhanced municipal services specified in the petition. Signatures on a petition to reduce or eliminate a tax are valid for a period of sixty days.
B. Except for a district that has a lower levy limit as otherwise prescribed by the terms of a bond election pursuant to section 48-707, subsection C, the district may not levy, other than for the payment of debt service on general obligation bonds, at a rate or rates in excess of the maximum rate then in effect.
C. When levying an ad valorem tax, the district board shall make annual statements and estimates of the operation and maintenance expenses of the district, the costs of capital improvements to be financed by the tax levy or levies and the amount of all other expenditures for public infrastructure and enhanced municipal services proposed to be paid from the tax levy or levies and of the amount to be raised to pay general obligation bonds of the district, all of which. Subject to any limits prescribed by the terms of a bond election pursuant to section 48-707, subsection C, These amounts shall be provided for by the levy and collection of ad valorem taxes on the assessed value of all the real and personal property in the district. The district board shall file the annual statements and estimates with the clerk. The district board shall publish a notice of the filing of the estimate, shall hold hearings on the portions of the estimate not relating to debt service on general obligation bonds and shall adopt a budget. The board, on or before the date set by law for certifying the annual budget of the county or municipality, shall fix, levy and assess the amounts to be raised by ad valorem taxes of the district and shall cause certified copies of the order to be delivered to the board of supervisors and to the department of revenue. All statutes relating to the levy and collection of general county taxes, including the collection of delinquent taxes and sale of property for nonpayment of taxes, apply to the district taxes provided for by this section.
Sec. 9. Title 48, chapter 4, article 6, Arizona Revised Statutes, is amended by adding sections 48-726, 48‑727, 48‑728 and 48‑729, to read:
48-726. Public infrastructure; acceptance; review of engineer's certification
unless otherwise provided for in a development agreement entered into pursuant to section 9-500.05 or 11-1101 before the effective date of this section, both of the following apply:
1. Within thirty days after submittal of an engineer's certification that a discrete segment of public INFRASTRUCTURE has been constructed according to the plans and specifications required by the governing body, the governing body shall complete the governing body's review of the engineer's certification and shall approve the certification if the discrete segment of infrastructure is constructed in substantial conformance with the plans and specifications required by the governing body.
2. Within thirty days after the governing body's approval of the engineer's certification, The governing body SHALL adopt and accept the DISCRETE segment of public INFRASTRUCTURE for ownership, operation and maintenance.
48-727. Property owner; county three-year roadway maintenance agreement
unless otherwise provided for in a development agreement entered into pursuant to section 11-1101 before the effective date of this section, If the property within a district formed by a COUNTY meets the requirements PRESCRIBED in section 48-702, subsection C before the effective date of this SECTION, all of the following apply:
1. The owner shall provide to the county an agreement limited in scope to the provision of surface maintenance of public roadways to be financed by the district. The agreement shall be provided by the owner with the first FINAL plat submitted to the county BY the owner.
2. The agreement shall obligate the owner or the owner's assignee to MAINTAIN the surface of the public roadways to the standards by which the county maintains similar public ROADWAYS for one period of three years after initial ACCEPTANCE by the county of each discrete segment of each public roadway.
3. If the county subsequently approves a new funding source dedicated to roadway maintenance WITHIN the county or if the property within the district is incorporated or annexed by a city or town, the maintenance agreement prescribed by this section is terminated.
48-728. Property owner; county law enforcement agreement
unless otherwise provided for in a development agreement entered into pursuant to section 11-1101 before the effective date of this section, If the property within a district formed by a COUNTY meets the requirements PRESCRIBED in section 48-702, subsection C before the effective date of this SECTION and either the property boundary is not located within ten miles of a county sheriff substation or county law enforcement is PROVIDED to the property at a SERVICE level of less than one officer per thousand population, all of the following apply:
1. The owner shall provide to the county an agreement limited in scope to the provision of law enforcement services to the property within the district. The agreement shall be provided by the owner with the first FINAL plat submitted to the county BY the owner.
2. The agreement shall obligate the owner or the owner's assignee to fund law ENFORCEMENT services at the level of SERVICE provided by the county, which may be provided by the county, an adjacent municipality or another entity.
3. If the county subsequently approves a new funding source dedicated to law enforcement service WITHIN the county or if the property within the district is incorporated or annexed by a city or town, the law enforcement agreement prescribed by this section is terminated.
48‑729 Annual bonding disclosures; report
A. Not later than February 1 of each year, the district shall provide to the department of revenue a report that contains the information that is required to be provided as a continuing DISCLOSURE to the municipal SECURITIES rulemaking board pursuant to 17 code of federal regulations section 240.15c2‑12 as in effect on January 1, 2016. The report shall include information on at least the following:
1. Financial information and operating data provided by the obligated persons.
2. Audited financial statements for the obligated persons, if available.
3. Principal and INTEREST payment delinquencies.
4. Nonpayment‑related defaults.
5. unscheduled draws on debt service reserves reflecting financial DIFFICULTIES.
6. Unscheduled draws on credit enhancements REFLECTING financial difficulties.
7. SUBSTITUTION of credit or liquidity providers or THEIR failure to perform.
8. Adverse tax opinions or events affecting the tax EXEMPT STATUS of the security.
9. Modifications to rights of security holders.
10. Bond calls.
11. Defeasances.
12. Release, substitution or sale of property securing repayment of the securities.
13. Rating changes.
14. Bankruptcy, insolvency or receivership.
15. Merger, acquisition or sale of all issuer assets.
16. Appointment of a successor trustee.
B. The department of revenue shall provide to the joint legislative budget committee copies of the reports filed pursuant to subsection A of this section.
