AZ SB1268

Allows universities in Arizona to designate the Arizona Board of Regents as trustee for management, sale, lease, and administration of state trust lands where the university is the beneficiary.

Requires universities that designate the Board of Regents as trustee to notify the State Land Department of this designation.

Requires the Board of Regents, when acting as trustee, to deposit proceeds from trust lands into the Universities Land Fund, Normal Schools Land Fund, and Agricultural and Mechanical Colleges Land Fund in the same manner as currently required.

Makes conforming changes to the definition of "Commissioner" in statute to include the Arizona Board of Regents when serving as trustee of designated university trust lands.

Directs the Legislative Council Staff to prepare conforming legislation to Arizona Revised Statutes consistent with this act for the 2016 legislative session.