AZ SB1123

Increases the maximum lease-purchase agreement term for community college districts from 15 years to 20 years.

Modifies debt limits for real property acquisition by lease-purchase, establishing different caps based on county population: $2.5 million per year/$15 million aggregate for counties under 750,000 population; $25 million per year/$50 million aggregate for counties with 750,000 or more population.

Maintains exceptions allowing lease agreements exceeding 20 years for Indian tribes, federally-owned land, joint powers airport authority land, and nonprofit corporation real property leased at $1,000 or less annually for health care education programs.

Clarifies that lease and lease-purchase agreement payments are considered district indebtedness obligations under Arizona's constitutional debt limits.