AZ SB1067

Appropriates funds to the Arizona Board of Regents for lease-purchase capital financing of research infrastructure projects at Arizona State University, Northern Arizona University, and the University of Arizona from fiscal years 2017-2048.

Initial appropriation in FY 2017-2018: $27.2 million for ASU, $10.2 million for NAU, and $30.6 million for University of Arizona; increases to $29.1 million, $10.9 million, and $32.7 million respectively for FY 2018-2019 and thereafter.

Lease-purchase financing agreements must be entered into before July 1, 2017, and are exempt from certain debt calculation requirements under existing law.

Requires annual reporting to the governor and legislature detailing efforts to ensure Arizona-based construction companies can compete for projects and listing awarded contracts and jobs created in the state.

Allows universities to use any excess annual appropriations beyond lease-purchase payments for building renewal projects; appropriates state construction sales tax revenues equivalent to amounts paid into the state for these projects to each university.