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 Arizona Board of Regents (ABOR) to manage funds 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, unexpended 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 distribution percentages. The bill also codifies the LEO Scholarship Fund, removes its repeal date, and redefines eligibility criteria, including residency requirements for applicants.

Moreover, the bill enhances the governance and administration of higher education institutions by clarifying the board's authority and requiring annual reports on fund retention and expenditures. It raises the maximum amount for lease-to-own and bond transactions to $1,125,000,000 and mandates project approval before fund distribution. Technical amendments include updates to the Family Educational Rights and Privacy Act reference and the establishment of a new scholarship fund for the spouses and dependents of law enforcement officers. The bill also allows for the adoption of administrative rules and specifies that these changes will apply retroactively from June 30, 2025, aligning with the upcoming fiscal year.

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