The proposed bill would update current statutes related to higher education funding and scholarship programs in Arizona by introducing new provisions and modifying existing ones. Specifically, it would require the State Treasurer to manage investments for the Arizona Veterinary Loan Assistance Fund and the Spouses of Military Veterans Tuition Scholarship Fund, ensuring that earnings are credited back to these funds. Additionally, unspent funds from the Military Scholarship Fund would be redirected to various educational programs, including the Law Enforcement Officers (LEO) Scholarship Fund and others, with specified allocation percentages. The bill would also codify the LEO Scholarship Fund, remove its repeal date, and establish new eligibility requirements for scholarship recipients, while increasing the maximum amount for lease-to-own and bond transactions that the Arizona Board of Regents (ABOR) can engage in.

Moreover, the bill would clarify the governance and administration of higher education institutions under ABOR by detailing the board's authority, requiring financial reports to the joint legislative budget committee, and mandating a student exchange program with institutions in Sonora, Mexico. It would also streamline governance processes by removing outdated terms and increasing the maximum allowable amount for lease-to-own and bond agreements from $800 million to $1.125 billion, with a requirement for project approval by the joint committee on capital review. Additionally, the bill establishes the "spouses and dependents of law enforcement officers tuition scholarship fund," outlines eligibility criteria, and introduces new reporting requirements for the Arizona Board of Regents regarding scholarship distribution and graduation rates. Overall, these updates aim to enhance operational efficiency and support for higher education in Arizona.

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
Senate Engrossed Version: 15-1626, 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 15-1625, 35-115, 15-701.01, 15-1696, 15-1747, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2025-2026, 2026-2027, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403
House Engrossed Version: 15-1626, 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 15-1809.02, 15-1625, 35-115, 15-701.01, 15-1696, 15-1747, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2025-2026, 2026-2027, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403, 15-1802, 93-380, 15-1808, 15-1701
Chaptered Version: 15-1626, 15-1650.06, 15-1655, 15-1682.03, 15-1705, 15-1809, 15-1809.02, 15-1625, 35-115, 15-701.01, 15-1696, 15-1747, 35-190, 35-313, 32-2201, 15-1281, 5-572, 2008-2009, 2009-2010, 2025-2026, 2026-2027, 2010-2011, 2011-2012, 15-1802.01, 15-1466.01, 15-1401, 15-1402, 15-1403, 15-1802, 93-380, 15-1808, 15-1701