tourism; sports authority; technical correction

SB1348 - tourism; sports authority; technical correction

Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Sally Ann Gonzales
Last action
Official status
Effective date: Not listed

Plain English Breakdown

The bill does not provide specific details on how much money is in the fund or what types of investments are allowed.

Tourism and Sports Authority Technical Fix

This bill amends how the Tourism and Sports Authority manages its general fund by allowing for additional accounts and specifying investment requirements.

What This Bill Does

Amends section 5-832 of Arizona Revised Statutes to allow the authority to establish additional accounts within the general fund as necessary.
Requires that unspent money in the fund be invested according to state laws outlined in title 35, chapter 2.
Specifies that if there isn't enough cash to meet obligations, the board can sell investments to cover expenses and must notify the auditor general.

Who It Names or Affects

The Tourism and Sports Authority in Arizona

Terms To Know

General Fund: A main account where money for different projects is kept by the authority, divided into specific accounts such as construction, facility revenue clearing, and tourism revenue clearing.
Investments: Money put into financial products to earn more money according to state laws in title 35, chapter 2.

Limits and Unknowns

The bill only makes technical changes and does not add new programs or funding.
It doesn't specify the exact amount of money in the fund or what specific investments are allowed.

Bill History

No action history is stored for this bill yet.

Official Summary Text

SB1348 - tourism; sports authority; technical correction

Current Bill Text

Read the full stored bill text

SB1348 - 572R - I Ver

REFERENCE TITLE:
tourism; sports authority; technical correction

State of Arizona

Senate

Fifty-seventh Legislature

Second Regular Session

2026

SB 1348

Introduced by

Senator
Gonzales

AN
ACT

amending section 5-832, Arizona
Revised Statutes; relating to the tourism and sports authority.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Section 5-832, Arizona Revised
Statutes, is amended to read:

START_STATUTE
5-832.

General fund; investments

A. The authority shall maintain a general fund,
divided into a construction account, a facility revenue clearing account and a
tourism revenue clearing account.� The authority may establish additional
accounts and subaccounts as necessary and convenient. All revenues
and monies received by the authority shall initially be deposited in accounts
and subaccounts in the general fund as provided by law.

B. The authority may invest any unexpended monies in
the fund as provided in title 35, chapter 2. Interest and other
income from investments of monies in any account shall be credited to that
account except as otherwise provided by law.�

C. The authority's investments must mature when the
fund assets will be required for the purposes of this chapter.� If the liquid
assets in the fund
or any account or subaccount
become
insufficient to meet the
authority's

statutory
obligations, the board shall direct the treasurer to liquidate
sufficient securities to meet all of the current obligations and immediately
notify the auditor general of the insufficiency.� The auditor general shall
investigate and audit the circumstances surrounding the depletion of the fund
, account or subaccount
and report the findings to the board.
END_STATUTE