Bill Text: AZ SB1132 | 2022 | Fifty-fifth Legislature 2nd Regular | Introduced
Bill Title: Municipal bonds; environmental sustainability; prohibition
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2022-01-12 - Senate read second time [SB1132 Detail]
Download: Arizona-2022-SB1132-Introduced.html
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REFERENCE TITLE: municipal bonds; environmental sustainability; prohibition |
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State of Arizona Senate Fifty-fifth Legislature Second Regular Session 2022
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SB 1132 |
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Introduced by Senator Rogers
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AN ACT
amending title 9, chapter 4, article 8, arizona revised statutes, by adding section 9-500.48; relating to municipal bonding authority.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 9, chapter 4, article 8, Arizona Revised Statutes, is amended by adding section 9-500.48, to read:
9-500.48. Municipal bonds; environmental sustainability; prohibition; definitions
A. notwithstanding any other law, a municipality may not issue a green bond to finance or refinance a green project.
b. for the purposes of this section:
1. "green bond" means any type of bond instrument in which the proceeds, or an equivalent amount, are exclusively applied to finance or refinance, in part or in full, a new or existing green project.
2. "green project":
(a) means a project that contributes to environmental objectives, including:
(i) climate change mitigation.
(ii) climate change adaptation.
(iii) Carbon neutrality.
(iv) Carbon mitigation measures.
