{"data":{"id":"us-az/a.r.s.-15-1023.01","jurisdiction":"us-az","citation":"A.R.S. § 15-1023.01","heading":"Municipal property corporation financing prohibited; definition","body":"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.\n\nB. This section does not apply to any valid obligation initially incurred by a school district on or before December 31, 1998.\n\nC. 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.\n\nD. 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.","path":["Title 15 Education"],"source_url":"https://www.azleg.gov/ars/15/01023-01.htm","current_through":"57th Legislature, 2nd Regular Session (effective 2027-01-01); mirror section count 24991","vintage":"2026-09-15","retrieved_at":"2026-10-26T05:51:13Z","sha256":"29271b320896485fbe645c5829f57a31197b47efda428385d6e8c87f162729e6","source_id":"us-az","stale":false,"prev":"us-az/a.r.s.-15-1023","next":"us-az/a.r.s.-15-1024"},"notice":"GroundRules: Original legal text. Not legal advice."}