AZ HB2710

Amends Arizona Revised Statutes Section 41-1545.02 to establish how the Arizona Competes Fund distributes monies to rural areas using the U.S. Department of Agriculture's rural-urban continuum code scheme.

Classifies counties as "urban" (codes 1-2), "semirural" (codes 3-5), or "rural" (codes 6-10) based on the USDA continuum codes for purposes of fund distribution.

Requires the authority to distribute fund monies to projects in counties classified as rural; if no qualifying rural projects exist in a year, monies must be distributed to a semirural county project instead.

Maintains existing requirements that at least 25% of annual fund appropriations be reserved for businesses in counties with populations under 2 million persons or on tribal lands, with priority given to border counties, military facility counties, and tribal lands.