HB2725 is a bill that proposes to appropriate a total of $605,500,000 from the Arizona state General Fund in the fiscal year 2024 to retire state debt associated with the Phoenix Convention Center and university lease-purchase capital financing agreements. The bill repeals the statutory formula for appropriations related to the Phoenix Convention Center from FY 2025 through FY 2044 and also repeals statutory appropriations to Arizona State University, the University of Arizona, and Northern Arizona University for research infrastructure lease-purchase capital financing agreements from FY 2025 through FY 2031.

The bill specifies that $411,000,000 will be allocated to the Arizona Department of Administration to retire the state debt from the Phoenix Convention Center, and $194,500,000 will be appropriated to the Arizona Board of Regents for each state university to retire debt from lease-purchase capital financing agreements. It also requires the Director of the Arizona Department of Administration and the Executive Director of the Arizona Board of Regents to notify the Director of the Joint Legislative Budget Committee within 10 days of each debt retirement. The appropriations for debt retirement are exempt from lapsing, with any remaining funds after the retirements are executed reverting to the state General Fund.

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