The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. Any lease-purchase agreement executed by the board relating to land acquisition, capital projects, energy systems or energy management systems shall provide that:
1. The obligation of this state to make any payment under the agreement is a current expense of the board and is not a general obligation indebtedness of this state or the board.
2. If the legislature fails to appropriate monies or the board fails to allocate monies for any periodic payment or renewal term of the agreement, the agreement terminates at the end of the current term and this state and the board are relieved of any subsequent obligation under the agreement.
3. The joint committee on capital review shall review the project before the lease-purchase agreement takes effect.
B. A lease-purchase agreement under this section shall comply with the constitution and other laws of this state.