The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
11-651 - Lease-purchase agreements; terms and conditions
11-651. Lease-purchase agreements; terms and conditions
The board of supervisors of a county may enter into agreements for the lease-purchase of equipment for a period in excess of one year under the following terms and conditions:
1. The lease-purchase agreement shall be executed for the period of one fiscal year only and, if a longer period is needed to complete purchase of the equipment, the board of supervisors shall have the right, at the end of each fiscal year, to enter into an agreement for continuation of the agreement for succeeding one-year periods until complete payment has been made.
2. If, at the end of the first one-year period and prior to payment of the total purchase price, the board of supervisors does not agree to a continuation of the lease-purchase agreement, the seller may repossess the equipment and the agreement shall be deemed terminated.