Arizona § 15-1682.01 Lease-purchase agreements

Arizona Statutes

§ 15-1682.01 — Lease-purchase agreements

Arizona § 15-1682.01

Title 15Arizona Revised Statutes

Ch. 13UNIVERSITIES

Art. 5Issuance of Bonds

This text of Arizona § 15-1682.01 (Lease-purchase agreements) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 15-1682.01 (2026).

Text

A.Any lease-purchase agreement executed by the board relating to land acquisition, capital projects, energy systems or energy management systems shall provide that:

1.The obligation of this state to make any payment under the agreement is a current expense of the board and is not a general obligation indebtedness of this state or the board.

2.If the legislature fails to appropriate monies or the board fails to allocate monies for any periodic payment or renewal term of the agreement, the agreement terminates at the end of the current term and this state and the board are relieved of any subsequent obligation under the agreement.

3.The joint committee on capital review shall review the project before the lease-purchase agreement takes effect.

B.A lease-purchase agreement under this

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A. Any lease-purchase agreement executed by the board relating to land acquisition, capital projects, energy systems or energy management systems shall provide that:

1. The obligation of this state to make any payment under the agreement is a current expense of the board and is not a general obligation indebtedness of this state or the board.

2. If the legislature fails to appropriate monies or the board fails to allocate monies for any periodic payment or renewal term of the agreement, the agreement terminates at the end of the current term and this state and the board are relieved of any subsequent obligation under the agreement.

3. The joint committee on capital review shall review the project before the lease-purchase agreement takes effect.

B. A lease-purchase agreement under this section shall comply with the constitution and other laws of this state.