48-1719. Consolidation of districts; election; adjustment of finances A. When two or more districts desire to consolidate, the boards of directors of the districts shall call elections, or at a general election, submit the question of consolidation to their respective districts. If the vote is favorable to consolidation in each district proposed to be consolidated, the consolidation shall be perfected as soon thereafter as practicable. In such case the boards of directors of the districts consolidated shall function as one board until the next annual election when there shall be elected a single board of directors with a number of members equal to the board consolidated which had the largest number of members. B. If there is any reasonable adjustment of finances or equities involved in the consolidation the adjustment shall be agreed upon by the respective boards of directors and the substance of the agreement shall be stated in the notice of consolidation election.
Arizona Legal Code