AZ SB1012

Amends Arizona Revised Statutes section 15-1446 to allow community college district boards to enter into lease-purchase agreements for real property with obligations up to 20 years (increased from 15 years).

Extends the maximum obligation period beyond 20 years only for agreements with Indian tribes, federal/joint powers airport authority land, or nonprofit corporation property offered at $1,000 or less annually for health care education programs.

Increases indebtedness limits for lease-purchase acquisitions based on county population: $2,500,000 per year and $15,000,000 aggregate for counties with less than 750,000 residents; $25,000,000 per year and $50,000,000 aggregate for counties with 750,000 or more residents.

Permits district boards to pledge tuitions, fees, rentals, and other charges to payments under lease-purchase agreements.

Requires lease-purchase payments and option payments to be paid from capital outlay funds only, and classifies such payments as district indebtedness obligations under the Arizona Constitution.