The steep drop in home valuations in Arizona may limit the ability of the ­Maricopa County Unified School ­District No. 60 to sell $71.5 million of bonds remaining from the $120 million authorized by voters in 2006.

State law caps a school district’s outstanding debt at no more than 10% of its assessed valuation. The Higley school district has slightly more than $70 million of capital bonded debt, which exceeds the limit for the district with $707 million of assessed valuation.

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