AZ HB2787

Amends Arizona Revised Statutes Section 15-103 to modify procedures for placing school districts in receivership due to insolvency or gross mismanagement.

Allows the state board of education to accept "substantial compliance" with uniform financial records and generally accepted accounting principles for initial receiver dismissal, rather than requiring complete compliance.

Requires the state board of education or department of education to immediately notify the auditor general if a superintendent or chief financial officer from a receivership district is employed elsewhere in the state.

Specifies that the receiver or department of education must certify the school district is no longer engaged in gross mismanagement before removal from receivership, expanding authority beyond just the receiver's certification.