AZ SB1018

Amends Arizona Revised Statutes Section 41-1506.01 to modify the Arizona Twenty-First Century Competitive Initiative Fund, administered by the authority.

Requires the chief executive officer to enter into a memorandum of understanding with a nonprofit corporation (501(c)(3) qualified, incorporated in Arizona) to use fund monies for building medical, scientific and engineering research programs and engaging research institutions.

Changes funding requirement from fiscal year 2005-2006 baseline of fifty million dollars in private/philanthropic investments to requiring the nonprofit corporation to provide funding equal to or greater than state financial assistance beginning in fiscal year 2013-2014 and thereafter.

Gives first preference for state financial assistance to businesses in Arizona with twelve or fewer employees.

Requires quarterly reporting on investments and annual reporting on measurable objectives and leveraged funds, with joint legislative budget committee quarterly review of expenditures and annual audits submitted to the auditor general.