Arizona 56th Legislature - Second Regular Session Status: In Committee 1 R cosponsors

HB 2725 — state debt payoff

Last action — FAILED

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 56th Legislature - Second Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

38 added · 244 removed

Plain-language change summary

The proposed amendments to HB 2725 include the addition of provisions that will delay the repeal of certain sections of the Arizona Revised Statutes until December 31, 2025. This means that two sections, 9-602 and 15-1670, will continue to be operative for an extended period rather than being removed immediately. Additionally, there are changes in the language that redefine references from "state general fund" to "budget stabilization fund," clarifying how the state's financial resources will be managed. These updates are important because they help maintain certain funding structures while revising how the state handles its budget, ensuring stability in financial planning.

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REFERENCE TITLE:
Fifty-sixth Legislature Appropriations Second Regular Session H.B.
state debt payoff State of Arizona House of Representatives Fifty-sixth Legislature Second Regular Session HB 2725 Introduced by Representatives Cook:
2725 PROPOSED HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B.
Livingston AN ACT AMENDING SECTIONS 9-602 AND 15-1670, ARIZONA REVISED STATUTES;
2725 (Reference to printed bill) Page 2, between lines 20 and 21, insert:
APPROPRIATING MONIES;
"Sec.
RELATING TO PUBLIC DEBT.
(TEXT OF BILL BEGINS ON NEXT PAGE) - i - HB 2725 Be it enacted by the Legislature of the State of Arizona:
Section 1.
Section 9-602, Arizona Revised Statutes, is amended to read:
9-602.
Fund operation A.
The Arizona convention center development fund consists of monies deposited pursuant to sections 42-5029 and 42-5030.
B.
The state treasurer shall administer the fund.
The state treasurer shall invest and divest monies in the fund as provided by section 35-313 as needed to facilitate distributions from the fund, and monies earned from investment shall be credited to the fund.
C.
On or before August 1 of each year, the state treasurer shall distribute the amounts computed in subsection D of this section to each eligible city that has filed a certificate of completion of construction pursuant to section 9-622 for each eligible project under section 9-605.
D.
The amount to be distributed pursuant to subsection C of this section shall be computed by dividing the total cost of the eligible project not funded from municipal sources as identified in the certificate of completion of construction filed pursuant to section 9-622 by three hundred million $300,000,000 and multiplying the quotient by the following amounts:
1.
In fiscal year 2009-2010, five million dollars $5,000,000.
In fiscal year 2010-2011, ten million dollars $10,000,000.
Delayed repeal Section 9-602, Arizona Revised Statutes, as amended by this act, is repealed from and after December 31, 2025." Renumber to conform Page 5, between lines 9 and 10, insert:
3.
"Sec.
In fiscal year 2011-2012, zero dollars $0.
In fiscal year 2012-2013, $5,595,000.
Delayed repeal Section 15-1670, Arizona Revised Statutes, as amended by this act, is repealed from and after December 31, 2025." Renumber to conform Line 14, strike "state general" insert "budget stabilization" Line 15, after "fund" insert "established by section 35-144, Arizona Revised Statutes," Line 19, strike "state general" insert "budget stabilization" Line 20, after "fund" insert "established by section 35-144, Arizona Revised Statutes," Line 39, after "act" insert "revert to the state general fund" Line 40, strike "state" Line 41, strike "general" insert "budget stabilization";
5.
after "fund" insert "established by section 35-144, Arizona Revised Statutes" House Amendments to H.B.
In fiscal years 2013-2014, 2014-2015, 2015-2016 and 2016-2017, $20,449,000.
2725 Page 5, after line 41, insert:
"Sec.
In fiscal year 2017-2018, $22,499,000.
Conforming legislation The legislative council staff shall prepare proposed legislation conforming the Arizona Revised Statutes to the provisions of this act for consideration in the fifty-seventh legislature, first regular session." Amend title to conform DAVID LIVINGSTON 2725LIVINGSTON.docx 02/09/2024 12:25 PM C:
7.
MEB -2-
In fiscal year 2018-2019, $22,996,250.
8.
In fiscal year 2019-2020, $23,499,950.
9.
In fiscal year 2020-2021, $23,997,900.
10.
In fiscal year 2021-2022, $24,498,450.
11.
In fiscal year 2022-2023, $24,999,400.
12.
In fiscal year 2023-2024, $25,498,550.
Show all 239 changed rows (199 more)
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13.
In fiscal year 2024-2025, $25,998,700.
14.
In fiscal year 2025-2026, $26,497,375.
15.
In fiscal year 2026-2027, $26,997,100.
16.
In fiscal year 2027-2028, $27,495,125.
17.
In fiscal year 2028-2029, $27,998,700.
18.
In fiscal year 2029-2030, $28,499,525.
19.
In fiscal year 2030-2031, $28,999,575.
20.
In fiscal year 2031-2032, $29,495,550.
21.
In fiscal year 2032-2033, $29,999,150.
22.
In fiscal year 2033-2034, $29,996,250.
23.
In fiscal year 2034-2035, $29,995,775.
24.
In fiscal year 2035-2036, $29,999,975.
- 1 - HB 2725 25.
In fiscal year 2036-2037, $29,995,825.
26.
In fiscal year 2037-2038, $29,995,850.
27.
In fiscal year 2038-2039, $29,996,750.
28.
In fiscal year 2039-2040, $29,995,225.
29.
In fiscal year 2040-2041, $29,997,975.
30.
In fiscal year 2041-2042, $29,996,150.
31.
In fiscal year 2042-2043, $29,996,175.
32.
In fiscal year 2043-2044, $29,998,925.
E.
If sufficient distributions have been made to provide for all of the uses of the fund monies pursuant to section 9-603 for an eligible project, the chief financial officer of the eligible city shall certify to the state treasurer that no additional distributions are NOT required for the project, and on receiving the certification the state treasurer shall NOT make no further distributions to the city for that project.
F.
After DISTRIBUTION the distributions AMOUNTS required by subsection C of this section, any monies remaining in the fund on receipt of the certification of satisfaction of annual obligations pursuant to section 9-623, or on the first Monday in August if a certificate of completion of construction has not been previously filed pursuant to section 9-622, shall be transferred to the state general fund.
Sec.
2.
Section 15-1670, Arizona Revised Statutes, is amended to read:
15-1670.
Appropriations for university research infrastructure facilities;
university transfers;
annual report;
definitions A.
In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to Arizona state university for lease-purchase capital financing for research infrastructure projects:
1.
In fiscal year 2017-2018, $13,481,000.
2.
In fiscal year 2018-2019, $13,478,700.
3.
In fiscal year 2019-2020, $13,456,300.
4.
In fiscal year 2020-2021, $13,458,700.
5.
In fiscal year 2021-2022, $13,451,900.
6.
In fiscal year 2022-2023, $13,462,100.
7.
In fiscal year 2023-2024, $13,468,200.
8.
In fiscal year 2024-2025, $13,459,300.
9.
In fiscal year 2025-2026, $13,453,900.
10.
In fiscal year 2026-2027, $13,450,100.
11.
In fiscal year 2027-2028, $13,436,200.
12.
In fiscal year 2028-2029, $13,430,800.
13.
In fiscal year 2029-2030, $13,423,500.
14.
In fiscal year 2030-2031, $13,428,800.
B.
In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to the - 2 - HB 2725 university of Arizona for lease-purchase capital financing for research infrastructure projects:
1.
In fiscal year 2017-2018, $14,249,300.
2.
In fiscal year 2018-2019, $14,251,000.
3.
In fiscal year 2019-2020, $14,250,200.
4.
In fiscal year 2020-2021, $14,251,500.
5.
In fiscal year 2021-2022, $14,248,900.
6.
In fiscal year 2022-2023, $14,252,500.
7.
In fiscal year 2023-2024, $14,255,300.
8.
In fiscal year 2024-2025, $14,247,300.
9.
In fiscal year 2025-2026, $14,248,400.
10.
In fiscal year 2026-2027, $14,251,300.
11.
In fiscal year 2027-2028, $14,254,100.
12.
In fiscal year 2028-2029, $14,251,500.
13.
In fiscal year 2029-2030, $14,252,500.
14.
In fiscal year 2030-2031, $14,255,800.
C.
In fiscal years 2017-2018 through 2030-2031 2023-2024, the following sums are appropriated from the state general fund to northern Arizona university for lease-purchase capital financing for research infrastructure projects:
1.
In fiscal year 2017-2018, $5,896,500.
2.
In fiscal year 2018-2019, $5,896,200.
3.
In fiscal year 2019-2020, $5,899,500.
4.
In fiscal year 2020-2021, $4,879,500.
5.
In fiscal year 2021-2022, $5,039,800.
6.
In fiscal year 2022-2023, $5,301,500.
7.
In fiscal year 2023-2024, $5,302,900.
8.
In fiscal year 2024-2025, $4,885,500.
9.
In fiscal year 2025-2026, $4,884,500.
10.
In fiscal year 2026-2027, $4,884,300.
11.
In fiscal year 2027-2028, $4,894,000.
12.
In fiscal year 2028-2029, $4,888,400.
13.
In fiscal year 2029-2030, $4,892,000.
14.
In fiscal year 2030-2031, $4,889,300.
D.
Lease-purchase financing agreements under subsections A, B and C of this section:
1.
Must be entered into before July 1, 2006.
2.
Are subject to the requirements of section 15-1682.01.
E.
The appropriations MADE under subsections A, B and C of this section constitute continuing year-to-year appropriations but do not constitute an obligation of the legislature or this state to continue the appropriation in any fiscal year.
The annual appropriation is a current expense of this state in the fiscal year in which it occurs and is not a general obligation indebtedness of this state or of any university.
If the appropriation is discontinued in any fiscal year, this state and the - 3 - HB 2725 university are relieved of any subsequent obligation pursuant to this section.
F.
Beginning in fiscal year 2018-2019 and in each subsequent fiscal year for which an appropriation is made pursuant to subsections A, B and C of this section, for each individual licensure agreement, royalty agreement or agreement for the sale or transfer of intellectual property developed by a university that is entered into by the university or a component unit of the university and for which the net income for the individual agreement reaches $1,000,000 over its cumulative lifetime, each university shall transfer to the state treasurer not later than October 1 following the close of the fiscal year an amount equal to twenty percent of the cumulative net income exceeding the $1,000,000 threshold minus amounts deposited in previous years.
The state treasurer shall deposit the monies received from the universities pursuant to this subsection in the financial aid trust fund established pursuant to section 15-1642.
G.
When calculating the cumulative net income pursuant to subsection F of this section, the university may not reduce its required deposits from any agreements due to net income or expenses associated with other projects.
H.
The amount transferred to the state treasurer in each fiscal year by each university pursuant to subsection F of this section shall not exceed the amount appropriated in that fiscal year under subsection A, B or C of this section and section 15-1671, subsections B and C, respectively.
I.
On or before October 1 of each year, each university shall report to the joint legislative budget committee the total amount of income and the total amount of net income the university received in the preceding fiscal year from each category of income that is subject to deposit pursuant to subsection F of this section.
J.
For the purposes of this section:
1.
"Component unit of the university":
(a) Means an entity that is legally separate from, but related to, the university and whose primary purpose is to support the university.
(b) Includes a university foundation and an entity that contracts with the university to manage technology transfer activities.
2.
"Net income" means payments received from individual licensure and royalty agreements and the sale or transfer of intellectual property developed by the university, net of expenses related to individual agreements.
For the purposes of this paragraph, "expenses related to individual agreements" includes any of the following:
(a) Revenue shares paid to inventors and inventors' laboratories in support of their research activities.
(b) Expenses related to pursuing, maintaining or protecting intellectual property.
- 4 - HB 2725 (c) Expenses related to commercializing, licensing or litigating intellectual property.
(d) Contractually required distributions to third parties.
(e) Reimbursement holds related to future contractual reimbursements.
(f) Operational management fees.
3.
"Research infrastructure" means installations and facilities for continuance and growth of scientific and technological research activities at the university.
Sec.
3.
Supplemental appropriations;
department of administration;
Arizona board of regents;
financing agreements;
notification;
exemption;
reversion A.
In addition to any other appropriations made in fiscal year 2023-2024, the sum of $411,000,000 is appropriated from the state general fund in fiscal year 2023-2024 to the department of administration to pay for the retirement or defeasance of the financing agreements entered into pursuant to section 41-791.04, Arizona Revised Statutes.
B.
In addition to any other appropriations made in fiscal year 2023-2024, the sum of $194,500,000 is appropriated from the state general fund in fiscal year 2023-2024 to the Arizona board of regents for and on behalf of each state university to pay for the retirement or defeasance of the lease-purchase capital financing agreements entered into pursuant to section 15-1670, Arizona Revised Statutes, as amended by this act.
C.
The director of the department of administration shall notify the director of the joint legislative budget committee not more than ten days after each retirement or defeasance is executed as required in subsection A of this section.
Each notification shall include the date and final cost of each retirement or defeasance.
D.
The executive director of the Arizona board of regents shall notify the director of the joint legislative budget committee not more than ten days after each retirement or defeasance is executed as required in subsection B of this section.
Each notification shall include the date and final cost of each retirement or defeasance.
E.
The monies appropriated in subsections A and B of this section are exempt from the provisions of section 35-190, Arizona Revised Statutes, relating to the lapsing of appropriations.
Any amounts remaining from the appropriations made in fiscal year 2023-2024 for debt service by sections 9-602 and 15-1670, Arizona Revised Statutes, as amended by this act, and any amounts remaining after the retirements or defeasances are executed as required by this section revert to the state general fund.
- 5 -
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Action History

  1. FAILED

  2. House Second Reading

  3. House First Reading.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 91 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (91)

91 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Frequently asked questions

Who sponsors HB 2725?
HB 2725 is sponsored by David Livingston (Republican) and David L. Cook.
What is the current status of HB 2725?
This bill died with 56th Legislature - Second Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 2725?
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