AZ HB2353

Amends Arizona Revised Statutes Section 41-1506.01 to modify requirements for the Arizona twenty-first century competitive initiative fund.

Changes matching fund requirement for nonprofit corporations from a previous fiscal year benchmark to requiring state funding match of equal or greater amount starting in fiscal year 2012-2013 and thereafter.

Adds provision granting first preference for state financial assistance to Arizona businesses with twelve or fewer employees.

Requires nonprofit corporation partner to report quarterly on investments made and annually on measurable objectives and leveraged funds.

Mandates joint legislative budget committee review of memorandum of understanding before state monies are expended, with at least quarterly reviews of fund expenditures.