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.
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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.
15-1023.01 - Municipal property corporation financing prohibited; definition
15-1023.01. Municipal property corporation financing prohibited; definition
A. Except as provided in subsection C, a school district shall not directly or indirectly pledge its full faith and credit nor incur any direct or indirect obligation of any kind against or pay school district revenues to a municipal property corporation or a special district under title 48 as a means of financing the acquisition or construction of school capital facilities.
B. This section does not apply to any valid obligation initially incurred by a school district on or before December 31, 1998.
C. A school district may pledge school district revenues to a municipal property corporation or a special district under title 48 for the purpose of constructing teacher housing facilities or for any project financed with a loan from the United States department of agriculture.
D. For purposes of this section, "municipal property corporation" means a corporation organized by or at the direction of a city, town or school district to construct and own a capital facility that the school district pledges to lease or lease-purchase and finance with school district revenues.