The bill HB2518 appropriates $3,500,000 from the state General Fund to the Arizona State Parks Board for distribution to the municipalities of Prescott and Prescott Valley for the development of the Glassford Dells Regional Park. This funding is contingent upon these municipalities and Yavapai County securing matching funds from non-state sources, ensuring that they demonstrate at least $3,500,000 in commitments before receiving the state funds.

The new bill language modifies current law by specifying the conditions under which the appropriation will be distributed, emphasizing the requirement for matching funds. It also establishes a clear directive for the Arizona State Parks Board to evenly allocate the funds between Prescott and Prescott Valley, which is a new stipulation not present in the previous law.