A. The state treasurer shall report to the United States government any rebate resulting from bonds issued by any state agency. The state treasurer may contract with professional consultants deemed necessary by the state treasurer in order to comply with the provisions of this section. The state treasurer may charge any costs associated with this section proportionally among the state agencies for which reports are made. Rebate reporting by the state treasurer does not relieve the state agency from the responsibility for any payment of any rebate that may become due.

Terms Used In Arizona Laws 35-515

  • Amortization: Paying off a loan by regular installments.
  • Contract: A legal written agreement that becomes binding when signed.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Rebate: means the payment of monies to the federal government pursuant to any law enacted by the Congress of the United States in consideration of retaining any exemption from federal income taxes for the interest income on an issuer's bonds. See Arizona Laws 35-511
  • Treasurer: means the treasurer, finance director or other person acting in the capacity of the treasurer of this state or any political subdivision. See Arizona Laws 35-511
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

B. State agencies shall deliver to the state treasurer in a timely manner all information required by the state treasurer to comply with rebate reporting requirements. Such information shall include official statements, certificates of rebate, certificates of yield, investment accounting documentation, amortization schedules and contract documents.

C. The state treasurer shall make rebate payments on behalf of the agency as required. The rebate payment and any charges incurred pursuant to subsection A shall be transferred from the account of the state agency to the state treasurer for such payments.

D. This section shall apply to the Arizona board of regents and the institutions under the jurisdiction of the board upon the approval of the board of regents.