Arizona Laws 15-1682.02. Indirect and third party financing; review; reporting
A. The board may secure indirect or third party financing for any project if the following conditions are met:
Terms Used In Arizona Laws 15-1682.02
- Board: means the Arizona board of regents or its successor. See Arizona Laws 15-1681
- Institution: means the university of Arizona, Arizona state university and northern Arizona university or any other college or university under the jurisdiction and control of the board or its successor. See Arizona Laws 15-1681
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
- Project: means and includes buildings, structures, areas and facilities which, as determined by the board, are required by or necessary for the use or benefit of each of such institutions, including, without limiting the generality of the foregoing, student, faculty or staff housing facilities, residence halls, dormitories and apartments; student union and recreational buildings and stadiums; other facilities for student, faculty or staff services; any facility or building leased to the United States of America; parking garages and areas; offices, classrooms, laboratories, dining halls and food service facilities, libraries, auditoriums, or parts thereof, or additions or extensions thereto; heating, lighting and other utility service facilities in connection therewith, or parts thereof, or additions or extensions thereto; whether heretofore acquired and now or hereafter used for any or all of the purposes aforesaid, or as may be hereafter acquired under this article, with all equipment and appurtenant facilities; or any one, or more than one, or all of the foregoing, or any combination thereof, for any institution, including sites therefor. See Arizona Laws 15-1681
1. The term of the indirect or third party financing does not exceed the earlier of forty years or the useful life of the capital improvements.
2. The project for which indirect or third party financing is secured is reviewed by the joint committee on capital review. Private entities are not required to divulge proprietary information to the committee for review.
B. For a project that is to be developed on board or institutional land, that is intended to be commercial in nature and if the majority of the project’s business is anticipated to come from the nonuniversity population, the board or institution shall report on the scope, purpose and estimated cost of the project to the joint committee on capital review at least two months before the anticipated execution of an agreement. A private entity is not required to divulge proprietary information to the joint committee on capital review. The joint committee on capital review may provide recommendations to the board or a university on the reported project.