The Arizona Supreme Court decided last month that the state formula for school district funding is not constitutional, a ruling that has Stalled the closing of several school district' bond financings, Moody's Investors Service said.

At least seven school bond issues that were priced but not closed before the July 21 ruling cannot be delivered until the court clarifies the intent of its ruling, Moody's said in a release last Thursday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.