Sec 15-1031. Power to use outstanding bond authorizations of common school districts or high school districts

A. All outstanding authorizations permitting the issuance of bonds, as provided in this section and sections 15-1022 through 15-1030, or the incurring of debt by a common school district or a high school district at the time either such district becomes part of a unified school district, shall remain in full force and effect. The unified school district shall be vested with all powers to act for and on behalf of such common school district or high school district to issue the bonds for the purposes for which such authorizations were granted. The school district governing board may submit the bonds for approval by the attorney general.

B. The bonds shall be issued pursuant to this section, chapter 4, article 5 of this title and sections 15-1021 through 15-1030 except that the effect of the bonds issued pursuant to this section shall be the same as if the questions pertaining to the issuance of the bonds had been submitted to and approved by the electors of the unified school district after its formation.

C. The provisions of this section shall not be construed as authorizing indebtedness in excess of the percentage limitation as prescribed for a unified school district in article IX, section 8.1, Constitution of Arizona.