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![handle is hein.sag/sagaz0020 and id is 1 raw text is: STATE OF ARIZONA
OFFICE OF THE ATTORNEY GENERAL
GRANT WOOos MAIN PHONE: 542-5025
ATTORNEY GENERAL 1275 WEST WASHINGTON, PHOENIX 85007-2926 TELECOPIEA : 542-4085
January 16, 1996
The Honorable Robert Updike
Arizona House of Representatives
State Capitol Complex
1700 West Washington
Phoenix, AZ 85007
Re: 196-001 (R95-024)
Dear Representative Updike:
This letter responds to your request for an opinion regarding whether the bonding
statutes governing school district general obligation bonds permit school districts to use
capital appreciation bonds. We conclude that Arizona school districts have the authority to
use capital appreciation bonds (CABs) to refund outstanding school improvement bonds in
advance of their maturity date.'
'Your opinion request also asked another question, about how to calculate the amount of indebtedness
CABs create for the purpose of determining compliance with the constitutional debt limit, but that question is
the subject of active litigation (Williams v. Creighton Elementary School District, Maricopa County Superior
Court No. CV-95-17924). This Office has long had a policy not to issue opinions on matters in litigation. See,
e.g., Ariz. Att'y Gen. Op. Nos. 187-010 (we must follow our long-standing policy of declining to issue formal
opinions on questions that will be resolved in litigation); 181-137 (it is our policy not to render an opinion on
a matter that may be judicially determined); 179-206 (the policy of this office [is] not to comment on
questions that are in litigation); 178-83 (we have long hewed to the policy of not answering issues that are in
litigation). Accordingly, we decline to issue an opinion on this second question.](ViewImageLocal?handle=hein.sag/sagaz0020&div=1&collection=&method=preview&ext=.png&size=3)