Arizona § 15-1032 Capital facilities; bonded indebtedness liability for unified school districts

Arizona Statutes

§ 15-1032 — Capital facilities; bonded indebtedness liability for unified school districts

Arizona·Title 15 Arizona Revised Statutes·Ch. 9 SCHOOL DISTRICT BUDGETING AND FINANCIAL ASSISTANCE·Art. 7 Bond Issues and Bonded Indebtedness

A.All school buildings of established school districts which are located within any unified school district shall, together with all equipment and furnishings, become the property of the unified school district.

B.If any established common school district or high school district has a bonded indebtedness liability, the liability or so much of it as is attributable to facilities located within the boundaries of any unified school district shall become an assumed indebtedness liability of the unified school district. The unified school district governing board shall levy a tax against the property of the unified school district for the payment of the principal and interest, but nothing in this section shall be construed to relieve the taxable property in the theretofore existing school di

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A. All school buildings of established school districts which are located within any unified school district shall, together with all equipment and furnishings, become the property of the unified school district.

B. If any established common school district or high school district has a bonded indebtedness liability, the liability or so much of it as is attributable to facilities located within the boundaries of any unified school district shall become an assumed indebtedness liability of the unified school district. The unified school district governing board shall levy a tax against the property of the unified school district for the payment of the principal and interest, but nothing in this section shall be construed to relieve the taxable property in the theretofore existing school districts from liability to taxation for the payment thereof if necessary to prevent a default in such payment. The unified school district shall assume the indebtedness liabilities of the existing school districts which shall be regarded as an indebtedness of the unified school district for the purpose of determining the debt incurring capacity of the unified school district.

Arizona § 15-1032 (Capital facilities; bonded indebtedness liability for unified school districts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.