The bill SB1501 establishes the Tribal Community College Operations Fund and appropriates a total of $39,999,999 from the state General Fund to be distributed over fiscal years 2025, 2026, and 2027. The Fund will consist of legislative appropriations and other lawful contributions and will be administered by the Arizona Board of Regents (ABOR), which will distribute the monies to tribal community colleges in Arizona for operational expenses, including the establishment of instructional programs.

The bill amends Title 15, Chapter 13, Article 2 of the Arizona Revised Statutes by adding Section 15-1650.07, which outlines the creation and administration of the Fund. It also specifies that the monies in the Fund are subject to legislative appropriation, exempt from lapsing, and can be invested by the State Treasurer with earned investment income credited back to the Fund. The bill becomes effective on the general effective date.

Statutes affected:
Introduced Version: 15-1650.07