AZ HB2405

Temporarily increases bonded indebtedness limits for school districts from the effective date until July 1, 2016, allowing issuance of class B bonds up to 10% of taxable secondary property value or $1,500 per student (whichever is greater) for regular school districts.

Increases bonded indebtedness limits for unified school districts to 20% of taxable secondary property value or $1,500 per student (whichever is greater) during the same temporary period.

Requires school districts to obligate proceeds from class A bonds in contract before issuing class B bonds under this temporary increase.

Establishes that taxable property values used for calculating debt limits shall be the greater of the amount adopted by county supervisors in August 2010 or the most recently adopted amount.

Designates class B bonds issued under this act as "special class B bonds" that will be treated as class A bonds for capacity calculations once the temporary increase expires.