The proposed bill, if enacted, would make several significant updates to current statutes related to higher education in Arizona. It would require the State Treasurer to invest and divest funds from the Arizona Veterinary Loan Assistance Fund and the Spouses of Military Veterans Tuition Scholarship Fund upon notice from the Arizona Board of Regents (ABOR), with earnings from these investments credited back to the respective funds. Additionally, the bill mandates that any unexpended and unencumbered funds from the Spouses of Military Veterans Tuition Scholarship Fund be allocated to various educational funds, including the Arizona Teachers Academy Fund, the Arizona Promise Program Fund, and the Arizona Community Colleges Promise Program Fund.

Furthermore, the bill raises the maximum amount for lease-to-own and bond transactions that ABOR can enter into from $800 million to $1.125 billion, with specific allocations for Arizona State University, Northern Arizona University, and the University of Arizona over the next two fiscal years. It also introduces new requirements for project approval by the Joint Committee on Capital Review before funds can be distributed for projects financed through these agreements. Other provisions include delaying the repeal of the Spouses and Dependents of Law Enforcement Officers Tuition Scholarship Fund until 2027 and allowing for adjustments in state aid for community college districts and workforce development programs as specified in the general appropriations act for fiscal year 2025-2026.

Statutes affected:
Introduced Version: 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2026-2027, 2027-2028, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403