This bill proposes to amend existing statutes by reallocating funds originally designated for a nonprofit organization operating a rodeo at the Yavapai County fairgrounds. Specifically, it would replace the current allocation of $15,300,000 to that nonprofit with a new allocation to the city of Prescott for the purpose of renovating and repairing the rodeo grounds owned by the city. The language regarding the nonprofit organization would be entirely removed from the statute.

Additionally, the bill clarifies that the appropriated funds to the city of Prescott will remain exempt from lapsing provisions under Arizona Revised Statutes, ensuring that the funds do not revert to the state general fund if not used within a specified timeframe. It also stipulates that if a court rules against the distribution of these funds, they will revert to the state general fund within sixty days of the final judgment, maintaining the current legal framework regarding appropriations.