If this bill were to become law, it would amend current statutes by repealing the allocation of $1,750,000 from the state lottery fund to the Arizona Competes Fund, which is currently mandated in section 5-572 of the Arizona Revised Statutes. The existing law specifies that after certain appropriations and deposits are made, the remaining balance in the state lottery fund is to be deposited into the Arizona Competes Fund. This specific allocation would be removed, allowing the remaining funds to be redirected.

Additionally, the bill would repeal section 5-572 as amended by previous legislation, effectively removing the provisions related to the Arizona Competes Fund from the statutes. The remaining balance in the state lottery fund would still be directed to the university capital improvement lease-to-own and bond fund, but without the prior requirement to allocate funds to the Arizona Competes Fund. Overall, these changes aim to streamline the allocation of state lottery funds in accordance with the new budgetary priorities.