Ariz. Rev. Stat. § 15-450
A. Notwithstanding any other statute, a new joint unified school district may be formed if the formation is approved by the state board of education and if the following requirements are met:
D. The state board of education shall promptly schedule a review of the issue of the formation of the proposed joint unified school district after receiving the petitions from the county school superintendents pursuant to subsection C of this section. The board shall approve or reject the formation of the proposed joint unified school district within sixty days of the date of receipt of the petitions. The board shall consider:
7. Whether the assessed valuation of the proposed joint unified school district is sufficient to support the district in a manner comparable to other districts of similar size.
If the state board after considering all such factors determines that the proposed new district will not cause an undue adverse effect on the operations of any existing school district, jeopardize the operation of the proposed joint common school district or cause a disproportionate amount of taxable wealth to be redistributed, it shall approve the petitions and return them to the respective county school superintendents.
E. On approval from the state board of education, the county school superintendent of each county whose territory or a portion of whose territory will be included in the proposed joint unified school district shall submit the question of the formation of the proposed joint unified school district to the voters at a general election or at a special election to be held for that purpose. If no general election is scheduled to be held within sixty days after the date the county school superintendent receives the approved petitions from the state board of education, he shall promptly call a special election to be held within sixty days after receipt of the approved petitions. Notice of the election shall be given by the county school superintendent to the boards of supervisors. At least ten days before the election, the county school superintendent shall cause notice of the proposed election to be posted in not less than three public places in the proposed district and to be published at least once in a newspaper of general circulation in the proposed district. The notice shall state the following:
L. The governing board of the joint unified school district shall prepare policies, curricula and budgets for the new school district. These policies shall require that: