Within thirty days after the last day of each calendar quarter, the division staff, in collaboration with the board, shall submit to the speaker of the house of representatives, the president of the senate, the director of the joint legislative budget committee and the director of the governor’s office of strategic planning and budgeting a quarterly report on the implementation of the program pursuant to this article. The quarterly report shall include at least the following information:

Terms Used In Arizona Laws 41-5858

  • Board: means the credit enhancement eligibility board established by section 41-5852. See Arizona Laws 41-5851
  • Division: means the division of school facilities within the department of administration. See Arizona Laws 41-5701
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fund: means the Arizona public school credit enhancement fund established by section 41-5854. See Arizona Laws 41-5851
  • Guaranteed financing: means debt obligations that are issued by or on behalf of a public school or a charter school to acquire, construct, renovate, equip, refinance or improve capital facilities and for which the board has approved a guarantee of all or a portion of the principal and interest payments pursuant to the program. See Arizona Laws 41-5851
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Program: means the Arizona public school credit enhancement program established by section 41-5855. See Arizona Laws 41-5851
  • Program leverage ratio: means the ratio at any time between the aggregate principal amount of guaranteed financings outstanding and the amounts on deposit in the fund. See Arizona Laws 41-5851

1. A listing of all outstanding guaranteed financings approved by the board, including the following information for each financing:

(a) The name of the public school or charter school by or on behalf of which the debt obligation was issued.

(b) The date of the issuance.

(c) The original amount of the issuance.

(d) The interest rate of the issuance.

(e) The term length of the issuance.

(f) The credit rating of the issuance.

(g) The amount of principal and interest due on the debt obligation in the current fiscal year.

(h) The purpose for which the debt obligation was issued, separately delineated for obligations to construct new capital facilities, renovate existing capital facilities or refinance existing debt obligations.

(i) The current outstanding principal of the debt obligation.

2. A listing of all guaranteed financings subject to section 41-5856 in the prior quarter, including the amounts disbursed for payment of principal and interest for the guaranteed financing and the terms and conditions the school is subject to under section 41-5856, subsections C, D and E.

3. The current balance of the Arizona public school credit enhancement fund.

4. The current program leverage ratio.

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