The proposed bill seeks to amend section 5-832 of the Arizona Revised Statutes, which pertains to the management of investments by the tourism and sports authority. The current law requires that the authority's investments must mature in time to meet the needs of the chapter's purposes and mandates the liquidation of securities if the fund's liquid assets are insufficient to meet the authority's obligations. The board is then required to notify the auditor general, who investigates and reports on the circumstances leading to the fund's insufficiency.

The new bill language introduces changes that expand the scope of the current law to include not just the fund but also any account or subaccount under the authority's management. It also replaces the term "authority's obligations" with "statutory obligations," suggesting a broader range of responsibilities. Additionally, the auditor general's investigation and reporting would now extend to include any account or subaccount, not just the fund itself.

Statutes affected:
Introduced Version: 5-832