AZ SB1378

Appropriates funds from the state general fund to Arizona State University, Northern Arizona University, and University of Arizona for lease-purchase capital financing of research infrastructure projects in fiscal years 2015-2016 through 2039-2040.

Requires lease-purchase financing agreements to be entered into before July 1, 2018, and exempts them from certain debt calculation requirements under section 15-1683.

Establishes appropriations as continuing year-to-year appropriations that do not constitute a binding obligation of the legislature or create general obligation indebtedness of the state.

Allows universities to use excess appropriations beyond annual lease-purchase payment amounts for building renewal projects.

Requires the Arizona Board of Regents to submit annual reports detailing efforts to ensure in-state construction companies can compete for these projects and identifying awarded contractors and jobs generated.