A.R.S. § 15-322: Organization of the governing board of a consolidated school district

A. A meeting of the governing board of the consolidated school district shall be called by the county school superintendent within ten days after their election.

B. At the meeting provided by subsection A the members shall organize the board of the consolidated school district.

1. They shall receive from the boards of the school districts which have been consolidated all property, accounts and records of such boards.

2. Property of the several school districts shall become the property of the newly formed school district.

3. Balances or deficits in the funds of the several school districts consolidated shall become the balances or deficits of the new school district.

4. All bonded indebtedness of the school districts consolidated shall become the bonded indebtedness of the new school district.