AZ SB1464

Allocates $10 million annually from the state lottery fund to a newly established parks and historic preservation fund, administered by the Arizona State Parks Board.

Distributes fund monies as follows: 44% for local/regional/state parks development and renovation, 17% for park operation and maintenance, 17% for historic preservation projects, 7% for nonmotorized trails, and 15% for outdoor and environmental education.

Prohibits any single entity from receiving more than 20% of available monies in each category per fiscal year and prohibits use of fund monies for property acquisition.

Requires the Arizona State Parks Board to establish grant criteria and application processes, and to submit annual reports to the legislature detailing expenditures and projects by category.

Authorizes the auditor general to conduct performance audits of the fund's programs and expenditures at the same time as audits of the Arizona State Parks Board.