AZ HB2432

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

Modifies indebtedness limits for lease-purchase acquisitions by distinguishing between districts in counties with populations under 750,000 persons (capped at $2,500,000 annually and $15,000,000 aggregate) and those in counties with 750,000 or more persons (capped at $25,000,000 annually and $50,000,000 aggregate).

Permits lease agreements exceeding 20 years when entered with Indian tribes, involving federal or joint powers airport authority land, or involving nonprofit corporation property leased at no more than $1,000 per year for health care education expansion.

Requires periodic and option payments for lease-purchase acquisitions to be paid from capital outlay funds only.

Clarifies that lease-purchase agreement obligations count toward the state constitutional debt limit under article IX, section 8 of the Arizona Constitution.