Sec 35-515. Rebate reporting; state agencies

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.

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.