2015 Arizona Revised Statutes
Title 23 - Labor
§ 23-665.01 Authorization of unemployment insurance tax anticipation notes

23-665.01. Authorization of unemployment insurance tax anticipation notes

(Rpld. 1/1/16)

A. The director may issue unemployment insurance tax anticipation notes pursuant to this article during fiscal year 2013-2014 in an amount not to exceed the lesser of two hundred million dollars and the amount determined by the director to be sufficient to provide monies to do all of the following:

1. Repay the outstanding balance borrowed from the federal government to pay unemployment insurance benefits.

2. Provide for payment of unemployment insurance benefits during fiscal year 2013-2014 until unemployment insurance tax receipts are sufficient to provide for payment of benefits.

3. Pay note related expenses.

B. The director shall authorize the issuance of the notes with a signed document that prescribes all of the following:

1. The fixed or variable rates of interest, the dates on which interest is payable and the denominations of the notes.

2. The dates of the notes and maturity within twelve months after the date of issuance.

3. The form of the notes.

4. The manner of executing the notes.

5. The medium and place of payment.

6. The terms of redemption before maturity, including whether a premium is payable on early redemption.

C. The notes may be sold at public or private sale at the price and on the terms prescribed by the director at, above or below par.

D. The director shall deposit the net proceeds received from the sale of the notes in a separate account created for that purpose. Monies in the account may be invested as provided in section 23-665.08.