SB 1742 Summary

• Amends Arizona Board of Regents governance authority regarding tuition setting, budget adoption, and reporting requirements including annual submission of retained monies and expenditure plans to the Joint Legislative Budget Committee.

• Increases university capital improvement lease-to-own and bond authorization from $800 million to $1,125,000,000, with $325,000,000 allocated across three universities ($162.5 million each in fiscal years 2025-2026 and 2026-2027) with board allocation constraints of 25-45% per university.

• Establishes new Spouses and Dependents of Law Enforcement Officers Tuition Scholarship Fund through section 15-1809.02, providing tuition scholarships to spouses and dependents under age 27 of law enforcement officers for education at universities, community colleges, career technical education programs, and licensed private institutions.

• Creates mechanism for distributing surplus monies from the Spouses of Military Veterans Tuition Scholarship Fund to the new law enforcement scholarship fund ($500,000 maximum) and to teacher academy, promise program, and community college promise program funds.

• Applies retroactively to June 30, 2025 for provisions related to veterinary loan assistance, teachers academy, community college promise program, military veterans scholarships, and law enforcement scholarships.