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REFERENCE TITLE: postsecondary education; residents; financial aid |
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State of Arizona Senate Fifty-sixth Legislature First Regular Session 2023
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SB 1316 |
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Introduced by Senators Diaz: Alston, Burch, Epstein, Fernandez, Gabaldón, Gonzales, Hatathlie, Hernandez, Mendez, Miranda, Sundareshan, Terán
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An Act
amending title 11, chapter 3, article 4, Arizona Revised Statutes, by adding section 11-506; amending title 15, chapter 13, article 6, Arizona Revised Statutes, by adding section 15-1705; amending title 41, chapter 1, article 4, Arizona Revised Statutes, by adding section 41-181; relating to postsecondary education.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 11, chapter 3, article 4, Arizona Revised Statutes, is amended by adding section 11-506, to read:
11-506. Property tax collections; fifteen-day retention; interest; transfer
A. Notwithstanding any other law, beginning July 1, 2024, each county treasurer shall hold all property taxes collected in an interest-bearing account for fifteen calendar days.
B. On or before June 30 of each year, each county treasurer shall transfer the total amount of interest earned on property taxes collected during the fifteen days prescribed in subsection A of this section to the state treasurer for deposit in the Arizona higher education financial aid program fund established by section 41-181.
Sec. 2. Title 15, chapter 13, article 6, Arizona Revised Statutes, is amended by adding section 15-1705, to read:
15-1705. Arizona higher education financial aid program; requirements; distribution fund; rules
A. The Arizona board of regents shall establish the Arizona higher education financial aid program.
B. The Arizona board of regents shall establish application, evaluation and approval procedures and criteria for individuals to apply to participate in the Arizona higher education financial aid program.
C. The Arizona higher education financial aid program distribution fund is established consisting of monies deposited pursuant to section 41-181. The Arizona board of regents shall administer the fund. Monies in the fund are continuously appropriated. The Arizona board of regents may annually retain up to five percent of the monies in the fund for administrative purposes. The Arizona board of regents shall distribute monies in the fund to qualifying students as provided in this section.
D. In order to qualify for distributions from the Arizona higher education financial aid program distribution fund, an individual must meet at least all of the following criteria:
1. Be a resident of this state.
2. Be currently enrolled in or currently accepted for enrollment in either:
(a) a UNIVERSITY under the jurisdiction of the arizona board of regents.
(b) A community college under the JURISDICTION of a community college district GOVERNING board.
3. Maintain a grade point average of at least 2.5 on a 4.0 scale, or the equivalent, at the university or community college where the individual is enrolled. If the grade point average of an otherwise qualifying student falls below 2.5 on a 4.0 scale, the student is no longer eligible for a distribution from the fund until that student meets the grade point requirement prescribed in this paragraph.
E. Beginning in 2028, the Arizona board of regents shall distribute monies from the Arizona higher education financial aid program distribution fund on or before August 1 of each year to qualifying students to cover the full amount of each student's tuition and fees at the university or community college where the student is enrolled. If there are insufficient monies available in the Arizona higher education financial aid program distribution fund during any fiscal year to cover the tuition and fees of each qualifying student, the Arizona board of regents shall distribute the monies in the fund to qualifying students on a first-come, first-served basis.
F. The Arizona board of regents shall adopt rules to carry out the purposes of this section.
Sec. 3. Title 41, chapter 1, article 4, Arizona Revised Statutes, is amended by adding section 41-181, to read:
41-181. Arizona higher education financial aid program fund
A. The arizona higher education financial aid program fund is established consisting of monies transferred pursuant to section 11-506. The state treasurer shall administer the fund. Monies in the fund are CONTINUOUSLY appropriated. The state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.
B. Beginning in 2028, the state treasurer shall transfer on or before August 1 of each year monies in the arizona higher education financial aid program fund to the Arizona board of regents for deposit in the Arizona higher education financial aid program distribution fund established by section 15-1705.
Sec. 4. Requirements for enactment; two-thirds vote
Pursuant to article IX, section 22, Constitution of Arizona, this act is effective only on the affirmative vote of at least two-thirds of the members of each house of the legislature and is effective immediately on the signature of the governor or, if the governor vetoes this act, on the subsequent affirmative vote of at least three-fourths of the members of each house of the legislature.