Arizona SB1682 amends state management of public monies, focusing on investment manager qualifications and economic development strategies.

Arizona SB1682 amends sections 35-317 and 41-1504 of the Arizona Revised Statutes to redefine the role of the state treasurer and the Arizona Commerce Authority. The bill mandates that at least ten percent of trust and treasury monies be invested with qualified Arizona-based investment managers, who must meet specific criteria including global headquarters in Arizona, a minimum of three employees with at least two working in the state, and three years of operation. The Arizona Commerce Authority is tasked with maintaining a list of these qualified managers.

Arizona SB1682 amends state management of public monies, focusing on investment manager qualifications and economic development strategies.

Arizona SB1682 amends sections 35-317 and 41-1504 of the Arizona Revised Statutes to redefine the role of the state treasurer and the Arizona Commerce Authority. The bill mandates that at least ten percent of trust and treasury monies be invested with qualified Arizona-based investment managers, who must meet specific criteria including global headquarters in Arizona, a minimum of three employees with at least two working in the state, and three years of operation. The Arizona Commerce Authority is tasked with maintaining a list of these qualified managers.