The bill HB2725 appropriates a total of $605,500,000 from the state General Fund for fiscal year 2024 to retire state debt associated with the Phoenix Convention Center and lease-purchase capital financing agreements for state universities. It repeals the existing statutory formulas for appropriations related to these debts from fiscal years 2025 through 2044, effectively eliminating future scheduled payments. The bill allocates $411,000,000 to the Arizona Department of Administration for the Phoenix Convention Center debt and $194,500,000 to the Arizona Board of Regents for university debts.

Additionally, the bill mandates that the Director of the Department of Administration and the Executive Director of the Arizona Board of Regents notify the Joint Legislative Budget Committee within ten days of each debt retirement. It also exempts these appropriations from lapsing, ensuring that any remaining funds after debt retirements revert to the General Fund. Overall, the bill significantly alters the funding structure for these debts, focusing on immediate retirement rather than ongoing payments.

Statutes affected:
Introduced Version: 9-602, 15-1670, 42-5029, 42-5030, 35-313, 9-622, 9-605, 2009-2010, 2010-2011, 2011-2012, 2012-2013, 2013-2014, 2014-2015, 2015-2016, 2016-2017, 2017-2018, 2018-2019, 2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-2024, 2024-2025, 2025-2026, 2026-2027, 2027-2028, 2028-2029, 2029-2030, 2030-2031, 2031-2032, 2032-2033, 2033-2034, 2034-2035, 2035-2036, 2036-2037, 2037-2038, 2038-2039, 2039-2040, 2040-2041, 2041-2042, 2042-2043, 2043-2044, 9-603, 9-623