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Arizona Refinance Debt Amendment (2010)
|Not on Ballot|
| This measure did not or |
will not appear on a ballot
- State could generate $2.7 billion now, and extend payments, spreading them over 30 years.
- $450 million in debt service would remain constant annually over the time of the proposed plan, but total interest paid, according to Martin, would only be $1.5 billion more.
- Increase borrowing limit from current $350,000 to help cover the $4.5 billion debt he wants to refinance.
- Referring his plan to the November 2, 2010 ballot by way of a constitutional amendment.
Path to the ballot
A majority vote was required in the Arizona State Legislature to refer a legislatively-referred constitutional amendment measure to the ballot. However, the measure was not acted on before legislative session ended. Arizona is one of ten states that allows a referred amendment to go on the ballot after a majority vote in one session of the state's legislature.