Arizona Refinance Debt Amendment (2010)

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Not on Ballot
Proposed allot measures that were not on a ballot
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The Arizona Refinance Debt Amendment did not appear on the November 2, 2010 ballot in the state of Arizona. State Treasure Dean Martin had introduced alternative ways to deal with the budget crisis instead of depending on a statewide sales tax increase. Martin proposed that the state refinance the $4.5 billion debt in order to create immediate cash. The treasurer's plan included:[1]
  • 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.[2]

See also

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References