Arizona § 15-1103 - Insurance proceeds fund; disposition of proceeds
Full text of Arizona Arizona Revised Statutes § 15-1103 — Insurance proceeds fund; disposition of proceeds, with citation guidance and answers to common questions.
§ 15-1103. Insurance proceeds fund; disposition of proceeds
A. Monies received for and derived from insurance losses shall be deposited with the county treasurer who shall credit the deposits to the insurance proceeds fund of the respective school district. The insurance proceeds fund of a school district is a continuing fund that is not subject to reversion.
B. The governing board, or the superintendent or chief administrative officer with the approval of the governing board, may apply the proceeds from insurance recoveries to the payment of any outstanding bonded indebtedness of the school district that is payable from the levy of taxes on property within the school district.
C. The governing board, or the superintendent or chief administrative officer with the approval of the governing board, may apply the proceeds of insurance recoveries to construct, acquire, improve, repair or furnish school property after notice. If the proceeds are applied to a project that costs more than two hundred fifty thousand dollars, the governing board, or the superintendent or chief administrative officer with the approval of the governing board, may apply the proceeds after notice and a hearing.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 15-1103
What does Arizona Revised Statutes § 15-1103 cover?
Section 15-1103 ("Insurance proceeds fund; disposition of proceeds") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 15-1103?
A common citation format is "Arizona Revised Statutes § 15-1103" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 15-1103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.