| 1 | 1 | | REFERENCE TITLE: state debt payoff State of Arizona House of Representatives Fifty-sixth Legislature Second Regular Session 2024 HB 2725 Introduced by Representatives Cook: Livingston An Act amending sections 9-602 and 15-1670, Arizona Revised Statutes; appropriating monies; relating to public debt. (TEXT OF BILL BEGINS ON NEXT PAGE) |
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| 9 | 9 | | REFERENCE TITLE: state debt payoff |
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| 10 | 10 | | State of Arizona House of Representatives Fifty-sixth Legislature Second Regular Session 2024 |
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| 11 | 11 | | HB 2725 |
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| 12 | 12 | | Introduced by Representatives Cook: Livingston |
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| 13 | 13 | | |
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| 14 | 14 | | REFERENCE TITLE: state debt payoff |
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| 24 | 24 | | State of Arizona |
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| 25 | 25 | | |
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| 26 | 26 | | House of Representatives |
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| 27 | 27 | | |
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| 28 | 28 | | Fifty-sixth Legislature |
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| 29 | 29 | | |
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| 30 | 30 | | Second Regular Session |
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| 31 | 31 | | |
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| 32 | 32 | | 2024 |
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| 40 | 40 | | HB 2725 |
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| 43 | 43 | | |
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| 44 | 44 | | Introduced by |
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| 45 | 45 | | |
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| 46 | 46 | | Representatives Cook: Livingston |
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| 63 | 63 | | |
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| 64 | 64 | | An Act |
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| 65 | 65 | | |
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| 66 | 66 | | |
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| 67 | 67 | | |
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| 68 | 68 | | amending sections 9-602 and 15-1670, Arizona Revised Statutes; appropriating monies; relating to public debt. |
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| 73 | 73 | | |
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| 74 | 74 | | (TEXT OF BILL BEGINS ON NEXT PAGE) |
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| 78 | 78 | | Be it enacted by the Legislature of the State of Arizona: Section 1. Section 9-602, Arizona Revised Statutes, is amended to read: START_STATUTE9-602. Fund operation A. The Arizona convention center development fund consists of monies deposited pursuant to sections 42-5029 and 42-5030. B. The state treasurer shall administer the fund. The state treasurer shall invest and divest monies in the fund as provided by section 35-313 as needed to facilitate distributions from the fund, and monies earned from investment shall be credited to the fund. C. On or before August 1 of each year, the state treasurer shall distribute the amounts computed in subsection D of this section to each eligible city that has filed a certificate of completion of construction pursuant to section 9-622 for each eligible project under section 9-605. D. The amount to be distributed pursuant to subsection C of this section shall be computed by dividing the total cost of the eligible project not funded from municipal sources as identified in the certificate of completion of construction filed pursuant to section 9-622 by three hundred million $300,000,000 and multiplying the quotient by the following amounts: 1. In fiscal year 2009-2010, five million dollars $5,000,000. 2. In fiscal year 2010-2011, ten million dollars $10,000,000. 3. In fiscal year 2011-2012, zero dollars $0. 4. In fiscal year 2012-2013, $5,595,000. 5. In fiscal years 2013-2014, 2014-2015, 2015-2016 and 2016-2017, $20,449,000. 6. In fiscal year 2017-2018, $22,499,000. 7. In fiscal year 2018-2019, $22,996,250. 8. In fiscal year 2019-2020, $23,499,950. 9. In fiscal year 2020-2021, $23,997,900. 10. In fiscal year 2021-2022, $24,498,450. 11. In fiscal year 2022-2023, $24,999,400. 12. In fiscal year 2023-2024, $25,498,550. 13. In fiscal year 2024-2025, $25,998,700. 14. In fiscal year 2025-2026, $26,497,375. 15. In fiscal year 2026-2027, $26,997,100. 16. In fiscal year 2027-2028, $27,495,125. 17. In fiscal year 2028-2029, $27,998,700. 18. In fiscal year 2029-2030, $28,499,525. 19. In fiscal year 2030-2031, $28,999,575. 20. In fiscal year 2031-2032, $29,495,550. 21. In fiscal year 2032-2033, $29,999,150. 22. In fiscal year 2033-2034, $29,996,250. 23. In fiscal year 2034-2035, $29,995,775. 24. In fiscal year 2035-2036, $29,999,975. 25. In fiscal year 2036-2037, $29,995,825. 26. In fiscal year 2037-2038, $29,995,850. 27. In fiscal year 2038-2039, $29,996,750. 28. In fiscal year 2039-2040, $29,995,225. 29. In fiscal year 2040-2041, $29,997,975. 30. In fiscal year 2041-2042, $29,996,150. 31. In fiscal year 2042-2043, $29,996,175. 32. In fiscal year 2043-2044, $29,998,925. E. If sufficient distributions have been made to provide for all of the uses of the fund monies pursuant to section 9-603 for an eligible project, the chief financial officer of the eligible city shall certify to the state treasurer that no additional distributions are not required for the project, and on receiving the certification the state treasurer shall not make no further distributions to the city for that project. F. After distribution the distributions amounts required by subsection C of this section, any monies remaining in the fund on receipt of the certification of satisfaction of annual obligations pursuant to section 9-623, or on the first Monday in August if a certificate of completion of construction has not been previously filed pursuant to section 9-622, shall be transferred to the state general fund. END_STATUTE Sec. 2. Section 15-1670, Arizona Revised Statutes, is amended to read: START_STATUTE15-1670. Appropriations for university research infrastructure facilities; university transfers; annual report; definitions A. In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to Arizona state university for lease-purchase capital financing for research infrastructure projects: 1. In fiscal year 2017-2018, $13,481,000. 2. In fiscal year 2018-2019, $13,478,700. 3. In fiscal year 2019-2020, $13,456,300. 4. In fiscal year 2020-2021, $13,458,700. 5. In fiscal year 2021-2022, $13,451,900. 6. In fiscal year 2022-2023, $13,462,100. 7. In fiscal year 2023-2024, $13,468,200. 8. In fiscal year 2024-2025, $13,459,300. 9. In fiscal year 2025-2026, $13,453,900. 10. In fiscal year 2026-2027, $13,450,100. 11. In fiscal year 2027-2028, $13,436,200. 12. In fiscal year 2028-2029, $13,430,800. 13. In fiscal year 2029-2030, $13,423,500. 14. In fiscal year 2030-2031, $13,428,800. B. In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to the university of Arizona for lease-purchase capital financing for research infrastructure projects: 1. In fiscal year 2017-2018, $14,249,300. 2. In fiscal year 2018-2019, $14,251,000. 3. In fiscal year 2019-2020, $14,250,200. 4. In fiscal year 2020-2021, $14,251,500. 5. In fiscal year 2021-2022, $14,248,900. 6. In fiscal year 2022-2023, $14,252,500. 7. In fiscal year 2023-2024, $14,255,300. 8. In fiscal year 2024-2025, $14,247,300. 9. In fiscal year 2025-2026, $14,248,400. 10. In fiscal year 2026-2027, $14,251,300. 11. In fiscal year 2027-2028, $14,254,100. 12. In fiscal year 2028-2029, $14,251,500. 13. In fiscal year 2029-2030, $14,252,500. 14. In fiscal year 2030-2031, $14,255,800. C. In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to northern Arizona university for lease-purchase capital financing for research infrastructure projects: 1. In fiscal year 2017-2018, $5,896,500. 2. In fiscal year 2018-2019, $5,896,200. 3. In fiscal year 2019-2020, $5,899,500. 4. In fiscal year 2020-2021, $4,879,500. 5. In fiscal year 2021-2022, $5,039,800. 6. In fiscal year 2022-2023, $5,301,500. 7. In fiscal year 2023-2024, $5,302,900. 8. In fiscal year 2024-2025, $4,885,500. 9. In fiscal year 2025-2026, $4,884,500. 10. In fiscal year 2026-2027, $4,884,300. 11. In fiscal year 2027-2028, $4,894,000. 12. In fiscal year 2028-2029, $4,888,400. 13. In fiscal year 2029-2030, $4,892,000. 14. In fiscal year 2030-2031, $4,889,300. D. Lease-purchase financing agreements under subsections A, B and C of this section: 1. Must be entered into before July 1, 2006. 2. Are subject to the requirements of section 15-1682.01. E. The appropriations made under subsections A, B and C of this section constitute continuing year-to-year appropriations but do not constitute an obligation of the legislature or this state to continue the appropriation in any fiscal year. The annual appropriation is a current expense of this state in the fiscal year in which it occurs and is not a general obligation indebtedness of this state or of any university. If the appropriation is discontinued in any fiscal year, this state and the university are relieved of any subsequent obligation pursuant to this section. F. Beginning in fiscal year 2018-2019 and in each subsequent fiscal year for which an appropriation is made pursuant to subsections A, B and C of this section, for each individual licensure agreement, royalty agreement or agreement for the sale or transfer of intellectual property developed by a university that is entered into by the university or a component unit of the university and for which the net income for the individual agreement reaches $1,000,000 over its cumulative lifetime, each university shall transfer to the state treasurer not later than October 1 following the close of the fiscal year an amount equal to twenty percent of the cumulative net income exceeding the $1,000,000 threshold minus amounts deposited in previous years. The state treasurer shall deposit the monies received from the universities pursuant to this subsection in the financial aid trust fund established pursuant to section 15-1642. G. When calculating the cumulative net income pursuant to subsection F of this section, the university may not reduce its required deposits from any agreements due to net income or expenses associated with other projects. H. The amount transferred to the state treasurer in each fiscal year by each university pursuant to subsection F of this section shall not exceed the amount appropriated in that fiscal year under subsection A, B or C of this section and section 15-1671, subsections B and C, respectively. I. On or before October 1 of each year, each university shall report to the joint legislative budget committee the total amount of income and the total amount of net income the university received in the preceding fiscal year from each category of income that is subject to deposit pursuant to subsection F of this section. J. For the purposes of this section: 1. "Component unit of the university": (a) Means an entity that is legally separate from, but related to, the university and whose primary purpose is to support the university. (b) Includes a university foundation and an entity that contracts with the university to manage technology transfer activities. 2. "Net income" means payments received from individual licensure and royalty agreements and the sale or transfer of intellectual property developed by the university, net of expenses related to individual agreements. For the purposes of this paragraph, "expenses related to individual agreements" includes any of the following: (a) Revenue shares paid to inventors and inventors' laboratories in support of their research activities. (b) Expenses related to pursuing, maintaining or protecting intellectual property. (c) Expenses related to commercializing, licensing or litigating intellectual property. (d) Contractually required distributions to third parties. (e) Reimbursement holds related to future contractual reimbursements. (f) Operational management fees. 3. "Research infrastructure" means installations and facilities for continuance and growth of scientific and technological research activities at the university. END_STATUTE Sec. 3. Supplemental appropriations; department of administration; Arizona board of regents; financing agreements; notification; exemption; reversion A. In addition to any other appropriations made in fiscal year 2023-2024, the sum of $411,000,000 is appropriated from the state general fund in fiscal year 2023-2024 to the department of administration to pay for the retirement or defeasance of the financing agreements entered into pursuant to section 41-791.04, Arizona Revised Statutes. B. In addition to any other appropriations made in fiscal year 2023-2024, the sum of $194,500,000 is appropriated from the state general fund in fiscal year 2023-2024 to the Arizona board of regents for and on behalf of each state university to pay for the retirement or defeasance of the lease-purchase capital financing agreements entered into pursuant to section 15-1670, Arizona Revised Statutes, as amended by this act. C. The director of the department of administration shall notify the director of the joint legislative budget committee not more than ten days after each retirement or defeasance is executed as required in subsection A of this section. Each notification shall include the date and final cost of each retirement or defeasance. D. The executive director of the Arizona board of regents shall notify the director of the joint legislative budget committee not more than ten days after each retirement or defeasance is executed as required in subsection B of this section. Each notification shall include the date and final cost of each retirement or defeasance. E. The monies appropriated in subsections A and B of this section are exempt from the provisions of section 35-190, Arizona Revised Statutes, relating to the lapsing of appropriations. Any amounts remaining from the appropriations made in fiscal year 2023-2024 for debt service by sections 9-602 and 15-1670, Arizona Revised Statutes, as amended by this act, and any amounts remaining after the retirements or defeasances are executed as required by this section revert to the state general fund. |
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| 79 | 79 | | |
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| 80 | 80 | | Be it enacted by the Legislature of the State of Arizona: |
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| 81 | 81 | | |
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| 82 | 82 | | Section 1. Section 9-602, Arizona Revised Statutes, is amended to read: |
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| 83 | 83 | | |
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| 84 | 84 | | START_STATUTE9-602. Fund operation |
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| 85 | 85 | | |
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| 86 | 86 | | A. The Arizona convention center development fund consists of monies deposited pursuant to sections 42-5029 and 42-5030. |
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| 87 | 87 | | |
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| 88 | 88 | | B. The state treasurer shall administer the fund. The state treasurer shall invest and divest monies in the fund as provided by section 35-313 as needed to facilitate distributions from the fund, and monies earned from investment shall be credited to the fund. |
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| 89 | 89 | | |
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| 90 | 90 | | C. On or before August 1 of each year, the state treasurer shall distribute the amounts computed in subsection D of this section to each eligible city that has filed a certificate of completion of construction pursuant to section 9-622 for each eligible project under section 9-605. |
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| 91 | 91 | | |
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| 92 | 92 | | D. The amount to be distributed pursuant to subsection C of this section shall be computed by dividing the total cost of the eligible project not funded from municipal sources as identified in the certificate of completion of construction filed pursuant to section 9-622 by three hundred million $300,000,000 and multiplying the quotient by the following amounts: |
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| 93 | 93 | | |
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| 94 | 94 | | 1. In fiscal year 2009-2010, five million dollars $5,000,000. |
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| 95 | 95 | | |
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| 96 | 96 | | 2. In fiscal year 2010-2011, ten million dollars $10,000,000. |
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| 97 | 97 | | |
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| 98 | 98 | | 3. In fiscal year 2011-2012, zero dollars $0. |
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| 99 | 99 | | |
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| 100 | 100 | | 4. In fiscal year 2012-2013, $5,595,000. |
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| 101 | 101 | | |
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| 102 | 102 | | 5. In fiscal years 2013-2014, 2014-2015, 2015-2016 and 2016-2017, $20,449,000. |
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| 103 | 103 | | |
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| 104 | 104 | | 6. In fiscal year 2017-2018, $22,499,000. |
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| 105 | 105 | | |
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| 106 | 106 | | 7. In fiscal year 2018-2019, $22,996,250. |
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| 107 | 107 | | |
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| 108 | 108 | | 8. In fiscal year 2019-2020, $23,499,950. |
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| 109 | 109 | | |
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| 110 | 110 | | 9. In fiscal year 2020-2021, $23,997,900. |
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| 111 | 111 | | |
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| 112 | 112 | | 10. In fiscal year 2021-2022, $24,498,450. |
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| 113 | 113 | | |
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| 114 | 114 | | 11. In fiscal year 2022-2023, $24,999,400. |
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| 115 | 115 | | |
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| 116 | 116 | | 12. In fiscal year 2023-2024, $25,498,550. |
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| 117 | 117 | | |
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| 118 | 118 | | 13. In fiscal year 2024-2025, $25,998,700. |
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| 119 | 119 | | |
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| 120 | 120 | | 14. In fiscal year 2025-2026, $26,497,375. |
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| 121 | 121 | | |
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| 122 | 122 | | 15. In fiscal year 2026-2027, $26,997,100. |
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| 123 | 123 | | |
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| 124 | 124 | | 16. In fiscal year 2027-2028, $27,495,125. |
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| 125 | 125 | | |
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| 126 | 126 | | 17. In fiscal year 2028-2029, $27,998,700. |
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| 127 | 127 | | |
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| 128 | 128 | | 18. In fiscal year 2029-2030, $28,499,525. |
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| 129 | 129 | | |
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| 130 | 130 | | 19. In fiscal year 2030-2031, $28,999,575. |
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| 131 | 131 | | |
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| 132 | 132 | | 20. In fiscal year 2031-2032, $29,495,550. |
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| 133 | 133 | | |
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| 134 | 134 | | 21. In fiscal year 2032-2033, $29,999,150. |
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| 135 | 135 | | |
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| 136 | 136 | | 22. In fiscal year 2033-2034, $29,996,250. |
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| 137 | 137 | | |
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| 138 | 138 | | 23. In fiscal year 2034-2035, $29,995,775. |
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| 139 | 139 | | |
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| 140 | 140 | | 24. In fiscal year 2035-2036, $29,999,975. |
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| 141 | 141 | | |
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| 142 | 142 | | 25. In fiscal year 2036-2037, $29,995,825. |
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| 143 | 143 | | |
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| 144 | 144 | | 26. In fiscal year 2037-2038, $29,995,850. |
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| 145 | 145 | | |
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| 146 | 146 | | 27. In fiscal year 2038-2039, $29,996,750. |
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| 147 | 147 | | |
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| 148 | 148 | | 28. In fiscal year 2039-2040, $29,995,225. |
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| 149 | 149 | | |
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| 150 | 150 | | 29. In fiscal year 2040-2041, $29,997,975. |
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| 151 | 151 | | |
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| 152 | 152 | | 30. In fiscal year 2041-2042, $29,996,150. |
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| 153 | 153 | | |
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| 154 | 154 | | 31. In fiscal year 2042-2043, $29,996,175. |
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| 155 | 155 | | |
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| 156 | 156 | | 32. In fiscal year 2043-2044, $29,998,925. |
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| 157 | 157 | | |
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| 158 | 158 | | E. If sufficient distributions have been made to provide for all of the uses of the fund monies pursuant to section 9-603 for an eligible project, the chief financial officer of the eligible city shall certify to the state treasurer that no additional distributions are not required for the project, and on receiving the certification the state treasurer shall not make no further distributions to the city for that project. |
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| 159 | 159 | | |
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| 160 | 160 | | F. After distribution the distributions amounts required by subsection C of this section, any monies remaining in the fund on receipt of the certification of satisfaction of annual obligations pursuant to section 9-623, or on the first Monday in August if a certificate of completion of construction has not been previously filed pursuant to section 9-622, shall be transferred to the state general fund. END_STATUTE |
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| 161 | 161 | | |
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| 162 | 162 | | Sec. 2. Section 15-1670, Arizona Revised Statutes, is amended to read: |
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| 163 | 163 | | |
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| 164 | 164 | | START_STATUTE15-1670. Appropriations for university research infrastructure facilities; university transfers; annual report; definitions |
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| 165 | 165 | | |
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| 166 | 166 | | A. In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to Arizona state university for lease-purchase capital financing for research infrastructure projects: |
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| 167 | 167 | | |
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| 168 | 168 | | 1. In fiscal year 2017-2018, $13,481,000. |
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| 169 | 169 | | |
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| 170 | 170 | | 2. In fiscal year 2018-2019, $13,478,700. |
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| 171 | 171 | | |
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| 172 | 172 | | 3. In fiscal year 2019-2020, $13,456,300. |
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| 173 | 173 | | |
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| 174 | 174 | | 4. In fiscal year 2020-2021, $13,458,700. |
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| 175 | 175 | | |
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| 176 | 176 | | 5. In fiscal year 2021-2022, $13,451,900. |
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| 177 | 177 | | |
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| 178 | 178 | | 6. In fiscal year 2022-2023, $13,462,100. |
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| 179 | 179 | | |
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| 180 | 180 | | 7. In fiscal year 2023-2024, $13,468,200. |
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| 181 | 181 | | |
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| 182 | 182 | | 8. In fiscal year 2024-2025, $13,459,300. |
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| 183 | 183 | | |
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| 184 | 184 | | 9. In fiscal year 2025-2026, $13,453,900. |
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| 185 | 185 | | |
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| 186 | 186 | | 10. In fiscal year 2026-2027, $13,450,100. |
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| 187 | 187 | | |
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| 188 | 188 | | 11. In fiscal year 2027-2028, $13,436,200. |
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| 189 | 189 | | |
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| 190 | 190 | | 12. In fiscal year 2028-2029, $13,430,800. |
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| 191 | 191 | | |
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| 192 | 192 | | 13. In fiscal year 2029-2030, $13,423,500. |
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| 193 | 193 | | |
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| 194 | 194 | | 14. In fiscal year 2030-2031, $13,428,800. |
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| 195 | 195 | | |
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| 196 | 196 | | B. In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to the university of Arizona for lease-purchase capital financing for research infrastructure projects: |
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| 197 | 197 | | |
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| 198 | 198 | | 1. In fiscal year 2017-2018, $14,249,300. |
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| 199 | 199 | | |
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| 200 | 200 | | 2. In fiscal year 2018-2019, $14,251,000. |
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| 201 | 201 | | |
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| 202 | 202 | | 3. In fiscal year 2019-2020, $14,250,200. |
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| 203 | 203 | | |
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| 204 | 204 | | 4. In fiscal year 2020-2021, $14,251,500. |
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| 205 | 205 | | |
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| 206 | 206 | | 5. In fiscal year 2021-2022, $14,248,900. |
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| 207 | 207 | | |
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| 208 | 208 | | 6. In fiscal year 2022-2023, $14,252,500. |
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| 209 | 209 | | |
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| 210 | 210 | | 7. In fiscal year 2023-2024, $14,255,300. |
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| 211 | 211 | | |
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| 212 | 212 | | 8. In fiscal year 2024-2025, $14,247,300. |
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| 213 | 213 | | |
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| 214 | 214 | | 9. In fiscal year 2025-2026, $14,248,400. |
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| 215 | 215 | | |
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| 216 | 216 | | 10. In fiscal year 2026-2027, $14,251,300. |
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| 217 | 217 | | |
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| 218 | 218 | | 11. In fiscal year 2027-2028, $14,254,100. |
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| 219 | 219 | | |
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| 220 | 220 | | 12. In fiscal year 2028-2029, $14,251,500. |
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| 221 | 221 | | |
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| 222 | 222 | | 13. In fiscal year 2029-2030, $14,252,500. |
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| 223 | 223 | | |
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| 224 | 224 | | 14. In fiscal year 2030-2031, $14,255,800. |
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| 225 | 225 | | |
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| 226 | 226 | | C. In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to northern Arizona university for lease-purchase capital financing for research infrastructure projects: |
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| 227 | 227 | | |
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| 228 | 228 | | 1. In fiscal year 2017-2018, $5,896,500. |
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| 229 | 229 | | |
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| 230 | 230 | | 2. In fiscal year 2018-2019, $5,896,200. |
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| 231 | 231 | | |
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| 232 | 232 | | 3. In fiscal year 2019-2020, $5,899,500. |
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| 233 | 233 | | |
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| 234 | 234 | | 4. In fiscal year 2020-2021, $4,879,500. |
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| 235 | 235 | | |
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| 236 | 236 | | 5. In fiscal year 2021-2022, $5,039,800. |
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| 237 | 237 | | |
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| 238 | 238 | | 6. In fiscal year 2022-2023, $5,301,500. |
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| 239 | 239 | | |
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| 240 | 240 | | 7. In fiscal year 2023-2024, $5,302,900. |
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| 241 | 241 | | |
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| 242 | 242 | | 8. In fiscal year 2024-2025, $4,885,500. |
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| 243 | 243 | | |
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| 244 | 244 | | 9. In fiscal year 2025-2026, $4,884,500. |
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| 245 | 245 | | |
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| 246 | 246 | | 10. In fiscal year 2026-2027, $4,884,300. |
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| 247 | 247 | | |
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| 248 | 248 | | 11. In fiscal year 2027-2028, $4,894,000. |
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| 249 | 249 | | |
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| 250 | 250 | | 12. In fiscal year 2028-2029, $4,888,400. |
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| 251 | 251 | | |
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| 252 | 252 | | 13. In fiscal year 2029-2030, $4,892,000. |
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| 253 | 253 | | |
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| 254 | 254 | | 14. In fiscal year 2030-2031, $4,889,300. |
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| 255 | 255 | | |
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| 256 | 256 | | D. Lease-purchase financing agreements under subsections A, B and C of this section: |
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| 257 | 257 | | |
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| 258 | 258 | | 1. Must be entered into before July 1, 2006. |
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| 259 | 259 | | |
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| 260 | 260 | | 2. Are subject to the requirements of section 15-1682.01. |
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| 261 | 261 | | |
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| 262 | 262 | | E. The appropriations made under subsections A, B and C of this section constitute continuing year-to-year appropriations but do not constitute an obligation of the legislature or this state to continue the appropriation in any fiscal year. The annual appropriation is a current expense of this state in the fiscal year in which it occurs and is not a general obligation indebtedness of this state or of any university. If the appropriation is discontinued in any fiscal year, this state and the university are relieved of any subsequent obligation pursuant to this section. |
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| 263 | 263 | | |
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| 264 | 264 | | F. Beginning in fiscal year 2018-2019 and in each subsequent fiscal year for which an appropriation is made pursuant to subsections A, B and C of this section, for each individual licensure agreement, royalty agreement or agreement for the sale or transfer of intellectual property developed by a university that is entered into by the university or a component unit of the university and for which the net income for the individual agreement reaches $1,000,000 over its cumulative lifetime, each university shall transfer to the state treasurer not later than October 1 following the close of the fiscal year an amount equal to twenty percent of the cumulative net income exceeding the $1,000,000 threshold minus amounts deposited in previous years. The state treasurer shall deposit the monies received from the universities pursuant to this subsection in the financial aid trust fund established pursuant to section 15-1642. |
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| 265 | 265 | | |
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| 266 | 266 | | G. When calculating the cumulative net income pursuant to subsection F of this section, the university may not reduce its required deposits from any agreements due to net income or expenses associated with other projects. |
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| 267 | 267 | | |
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| 268 | 268 | | H. The amount transferred to the state treasurer in each fiscal year by each university pursuant to subsection F of this section shall not exceed the amount appropriated in that fiscal year under subsection A, B or C of this section and section 15-1671, subsections B and C, respectively. |
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| 269 | 269 | | |
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| 270 | 270 | | I. On or before October 1 of each year, each university shall report to the joint legislative budget committee the total amount of income and the total amount of net income the university received in the preceding fiscal year from each category of income that is subject to deposit pursuant to subsection F of this section. |
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| 271 | 271 | | |
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| 272 | 272 | | J. For the purposes of this section: |
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| 273 | 273 | | |
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| 274 | 274 | | 1. "Component unit of the university": |
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| 275 | 275 | | |
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| 276 | 276 | | (a) Means an entity that is legally separate from, but related to, the university and whose primary purpose is to support the university. |
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| 277 | 277 | | |
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| 278 | 278 | | (b) Includes a university foundation and an entity that contracts with the university to manage technology transfer activities. |
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| 279 | 279 | | |
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| 280 | 280 | | 2. "Net income" means payments received from individual licensure and royalty agreements and the sale or transfer of intellectual property developed by the university, net of expenses related to individual agreements. For the purposes of this paragraph, "expenses related to individual agreements" includes any of the following: |
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| 281 | 281 | | |
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| 282 | 282 | | (a) Revenue shares paid to inventors and inventors' laboratories in support of their research activities. |
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| 283 | 283 | | |
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| 284 | 284 | | (b) Expenses related to pursuing, maintaining or protecting intellectual property. |
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| 285 | 285 | | |
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| 286 | 286 | | (c) Expenses related to commercializing, licensing or litigating intellectual property. |
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| 287 | 287 | | |
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| 288 | 288 | | (d) Contractually required distributions to third parties. |
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| 289 | 289 | | |
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| 290 | 290 | | (e) Reimbursement holds related to future contractual reimbursements. |
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| 291 | 291 | | |
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| 292 | 292 | | (f) Operational management fees. |
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| 293 | 293 | | |
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| 294 | 294 | | 3. "Research infrastructure" means installations and facilities for continuance and growth of scientific and technological research activities at the university. END_STATUTE |
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| 295 | 295 | | |
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| 296 | 296 | | Sec. 3. Supplemental appropriations; department of administration; Arizona board of regents; financing agreements; notification; exemption; reversion |
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| 297 | 297 | | |
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| 298 | 298 | | A. In addition to any other appropriations made in fiscal year 2023-2024, the sum of $411,000,000 is appropriated from the state general fund in fiscal year 2023-2024 to the department of administration to pay for the retirement or defeasance of the financing agreements entered into pursuant to section 41-791.04, Arizona Revised Statutes. |
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| 299 | 299 | | |
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| 300 | 300 | | B. In addition to any other appropriations made in fiscal year 2023-2024, the sum of $194,500,000 is appropriated from the state general fund in fiscal year 2023-2024 to the Arizona board of regents for and on behalf of each state university to pay for the retirement or defeasance of the lease-purchase capital financing agreements entered into pursuant to section 15-1670, Arizona Revised Statutes, as amended by this act. |
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| 301 | 301 | | |
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| 302 | 302 | | C. The director of the department of administration shall notify the director of the joint legislative budget committee not more than ten days after each retirement or defeasance is executed as required in subsection A of this section. Each notification shall include the date and final cost of each retirement or defeasance. |
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| 303 | 303 | | |
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| 304 | 304 | | D. The executive director of the Arizona board of regents shall notify the director of the joint legislative budget committee not more than ten days after each retirement or defeasance is executed as required in subsection B of this section. Each notification shall include the date and final cost of each retirement or defeasance. |
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| 305 | 305 | | |
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| 306 | 306 | | E. The monies appropriated in subsections A and B of this section are exempt from the provisions of section 35-190, Arizona Revised Statutes, relating to the lapsing of appropriations. Any amounts remaining from the appropriations made in fiscal year 2023-2024 for debt service by sections 9-602 and 15-1670, Arizona Revised Statutes, as amended by this act, and any amounts remaining after the retirements or defeasances are executed as required by this section revert to the state general fund. |
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