AZ SB1136

Amends Section 15-1663 of the Arizona Revised Statutes relating to the Arizona Board of Regents and expenditure of land funds.

Makes technical corrections to language regarding the universities land fund (now called the eminent scholars matching grant fund) by replacing "which" with "that are" for grammatical clarity.

Clarifies that monies in the eminent scholars matching grant fund shall be allocated to each university on a dollar-for-dollar match basis equal to interest earned on nonpublic endowment donations made after December 31, 1997 and designated for attracting and retaining eminent faculty.

Allows the Board of Regents to allocate excess appropriated monies beyond what is needed for matching if legislative appropriations exceed the interest earned on designated endowment funds.

Provides allocation procedures for situations where legislative appropriations are less than the amount of interest earned on designated endowment monies.