AZ HB2262

Amends section 41-1505.09 of Arizona Revised Statutes regarding the Arizona twenty-first century competitive initiative fund, administered by the commerce and economic development commission.

Fund monies may be used to build and strengthen medical, scientific and engineering research programs with emphasis on bioscience, and to engage scientific research and academic institutions both domestically and internationally.

Nonprofit corporations entering into agreements with the commission must be Arizona-incorporated entities qualified under section 501(c)(3) and must provide matching funding equal to or greater than state financial assistance starting in fiscal year 2010-2011.

Businesses in Arizona with twelve or fewer employees receive first preference for receiving state financial assistance provided under the program.

Commission must submit memorandum of understanding with nonprofit partners to the joint legislative budget committee for review before expenditures, with quarterly reporting on investments and annual audits required.