A.The Arizona veterinary loan assistance program is established within the Arizona board of regents.
B.The Arizona veterinary loan assistance fund is established consisting of legislative appropriations. The board shall administer the fund. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. On notice from the Arizona board of regents, 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. The board shall use monies in the fund for the purposes prescribed in this section and may retain up to three percent of the monies deposited in the fund for costs associated with administering the program.
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A. The Arizona veterinary loan assistance program is established within the Arizona board of regents.
B. The Arizona veterinary loan assistance fund is established consisting of legislative appropriations. The board shall administer the fund. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. On notice from the Arizona board of regents, 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. The board shall use monies in the fund for the purposes prescribed in this section and may retain up to three percent of the monies deposited in the fund for costs associated with administering the program.
C. A person who obtains a doctor of veterinary medicine degree from a veterinary college after January 1, 2023 and who signs an agreement pursuant to subsection D of this section may apply to the board to participate in the program.
D. To participate in the program, the board shall require an applicant to sign an agreement to both:
1. Remain and work as a full-time veterinarian in this state for the following four years.
2. Work in one of the following practice areas for at least two of the four years:
(a) An agricultural practice in an area designated by the United States department of agriculture as having a shortage.
(b) A nonprofit, county or municipal shelter.
E. At the conclusion of the four-year commitment described in subsection D of this section, the board shall determine whether the veterinarian satisfied the terms of the agreement described in subsection D of this section. If the board determines that the veterinarian satisfied the terms of the agreement described in subsection D of this section, the board shall distribute to the veterinarian from the Arizona veterinary loan assistance fund an amount that is equal to the amount of the veterinarian's outstanding veterinary college educational loan balance or $100,000, whichever is less. The board shall distribute monies from the fund subject to the availability of monies and legislative appropriation and on a first-come, first-served basis. For the purposes of this subsection, "educational loan balance" means the balance of the principal, interest and related expenses of the educational loan.
F. On or before October 1 of each year, the board shall compile a report that details how the Arizona veterinary loan assistance fund monies are being spent and shall submit this report to the governor, the president of the senate and the speaker of the house of representatives. The board shall submit a copy of this report to the secretary of state.
G. The board may adopt rules for the purposes of carrying out this section.
H. For the purposes of this section:
1. "Board" means the Arizona board of regents.
2. "Veterinarian" has the same meaning prescribed in section 32-2201.
3. "Veterinary college" has the same meaning prescribed in section 32-2201.