15-1174. Powers and duties
The state board of education on behalf of the state of Arizona is authorized and
empowered to:
1. Collect, compromise, adjust or cancel claims and obligations arising out of or
administered under this article or under any mortgage, lease, contract or other agreement
entered into or administered pursuant to this article and, if in its judgment necessary
and advisable, pursue the same to final collection in any court having jurisdiction.
2. Bid for and purchase at any execution, foreclosure or other sale, or otherwise
to acquire, property upon which the state board has a lien by reason of a judgment or
execution, or which is pledged, mortgaged or conveyed or which otherwise secures any loan
or other indebtedness owing to or acquired by the state board under this article.
3. Accept title to any property so purchased or acquired, to operate or lease such
property for such period as may be deemed necessary to protect the investment therein and
to sell or otherwise dispose of such property in a manner consistent with the provisions
of this article.
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