15-1446. Lease-purchase agreements
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 fifteen 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 fifteen years if such 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 one thousand dollars per year to a community college
district for purposes of expanding health care education programs.
D. The amount of outstanding indebtedness due to acquisition of real property by
lease-purchase for each district shall not exceed two million five hundred thousand
dollars in any one year and fifteen million dollars in the aggregate. A district board
may pledge tuitions, fees, rentals and other charges to any payments due under
lease-purchase agreements.
E. Notwithstanding subsection D of this section, periodic payments and any option
payments for acquisition of real property by lease-purchase are restricted to payment
from capital outlay funds.
F. 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.
G. 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.
|