15-1446. Lease-purchase agreements

373 words·~2 min read·/az/title-15/15-1446

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A district board may enter into lease or lease-purchase agreements for real property, including buildings and improvements to the property.

B. Lease or lease-purchase agreements authorized by subsection A of this section or section 15-1444, subsection A, paragraph 11 shall not create an obligation of payment by the district under the terms of the lease or lease-purchase agreement for periods longer than twenty years.

C. Notwithstanding subsection B of this section, a district board may enter into lease agreements for real property, including buildings and improvements to the property, that obligate the district for more than twenty years if the agreements are with an Indian tribe, involve land owned or controlled by the federal government or by a joint powers airport authority organized under title 28, chapter 25, article 8 or involve real property that is owned by a nongovernmental nonprofit corporation and that is offered for lease in an amount not to exceed $1,000 per year to a community college district for purposes of expanding health care education programs.

D. The amount of outstanding indebtedness due to acquiring real property by lease-purchase for each district shall not exceed either:

1. $2,500,000 in any one year and $15,000,000 in the aggregate for a district located in a county with a population of less than seven hundred fifty thousand persons.

2. $25,000,000 in any one year and $50,000,000 in the aggregate for a district located in a county with a population of seven hundred fifty thousand persons or more.

E. A district board may pledge tuitions, fees, rentals and other charges to any payments due under lease-purchase agreements.

F. Notwithstanding subsection E of this section, periodic payments and any option payments for acquiring real property by lease-purchase are restricted to payment from capital outlay funds.

G. Districts that acquire real property by lease-purchase are not entitled to receive monies pursuant to section 15-1463 pertaining to the specific real property acquired by lease-purchase.

H. Notwithstanding any other law, payments on lease or lease-purchase agreements entered into pursuant to subsection A of this section or section 15-1444, subsection A, paragraph 11 are obligations of the district within the meaning of the constitutional limit against indebtedness set out in article IX, section 8, Constitution of Arizona.