Arizona Revised Statutes § 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.

Section: Previous  15-999  15-1000  15-1001  15-1002  15-1021  15-1022  15-1023  15-1023.01  15-1024  15-1025  15-1027  15-1028  15-1029  15-1030  15-1031  Next

Last modified: October 13, 2016