R7-6-505. Constructing Bond-funded School Facilities on Land Funded by the Board

A. A school district that acquires land by sale or lease under A.R.S. § 41-5741 may construct a new school facility on purchased or leased land using Class A bonds. The Board will include the square footage of the new school facility in the gross square footage of the school district to determine whether additional square footage or building renewal distributions are needed. B. A school district that acquires land by sale or lease under A.R.S. § 41-5741 may construct a school facility on the purchased or leased land using Class B bonds if the school district acknowledges in writing that when the school district qualifies for a new school facility funded by the Board, the Board shall not provide funding to lease or purchase an additional site for the school facility. The Board will not include the square footage of a new school facility constructed with Class B bonds in the gross square footage of the school district to determine whether additional square footage or building renewal distributions are needed.