AZ SB1091

Amends Arizona Revised Statutes Section 15-1670 to end appropriations for university research infrastructure lease-purchase financing after fiscal year 2021-2022 instead of continuing through 2030-2031.

Appropriates $93,500,000 in fiscal year 2021-2022 to the Department of Administration for retirement or defeasance of financing agreements under Laws 2007, chapter 257, section 8 and Laws 2007, chapter 261, section 9.

Appropriates $273,500,000 in fiscal year 2021-2022 to the Arizona Board of Regents for each state university to retire or defease lease-purchase capital financing agreements under Section 15-1670.

Requires the Department of Administration and Arizona Board of Regents to notify the Joint Legislative Budget Committee within ten days of each retirement or defeasance, including the execution date and final cost.

Exempts appropriated funds from lapsing provisions, with any remaining amounts reverting to the state general fund after all retirements or defeasances are executed.