Sec 15-1465. Election; issuance and sale of bonds for capital outlay; disposition of proceeds; proration of expenditures by counties

A. A district may conduct an election to determine whether or not bonds shall be issued and sold for the purpose of paying its share of the expenditures incurred for capital outlay. The election shall be originated and conducted, the bonds issued, sold and redeemed and a tax levy imposed for payment of interest on such bonds and redemption of bonds in accordance with title 35, chapter 3, article 3 and the limitations imposed on school districts by article IX, section 8, Constitution of Arizona, insofar as those provisions are applicable. The election shall be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d). Bond counsel fees, financial advisory fees, printing costs and paying agent and registrar fees shall be paid from either the amount authorized by the qualified electors of the community college district or current operating funds. Bond election expenses shall be paid from current operating funds only.

B. The proceeds of all bonds sold as provided in subsection A of this section shall be used only for capital outlay, including the purchase of land, the purchase, erection, remodeling or completion of buildings and the purchase of equipment and facilities for educational or auxiliary purposes of the community college district.

C. Where a district contains more than one county, subsections A and B of this section shall be applicable separately to each of the counties as to its portion of the expenditures to be paid for capital outlay in setting up the physical plant of the district even though the proposed plant is to be established, wholly or partly, in one county of the district.

D. The portion of the expenditures for capital outlay to be prorated by each county of a district shall be determined in the ratio that the assessed valuation of each county within the district bears to the total assessed valuation of all counties within the district.