Specific meaning of &quot;or that is either&quot; in an Arizona law
<p>I was reading through <a href="https://www.azleg.gov/viewdocument/?docName=https://www.azleg.gov/ars/15/01640.htm" rel="nofollow noreferrer">ARS 15-1640</a> and it mentions (emphasis mine):</p>

<blockquote>
  <p>A. The following records of a university under the jurisdiction of the
  Arizona board of regents are exempt from title 39, chapter 1, article
  2:</p>
  
  <p>&nbsp;&nbsp;&nbsp;&nbsp;<strong>1. Information or intellectual property that
  is not available to the public and that is a trade secret as defined
  in section 44-401  or that is either</strong>:</p>
  
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Contained in
  unfunded grant applications or proposals.</p>
  
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Developed by
  persons employed by a university, independent contractors working with
  a university or third parties that are collaborating with a
  university, if the disclosure of this data or material would be
  contrary to the best interests of this state.</p>
  
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provided to a
  university by a third party pursuant to the terms and conditions of a
  contract between the university and the third party.  In order to
  qualify for the exemption prescribed in this subdivision, all of the
  following criteria must be met:</p>
  
  <p>[...]</p>
</blockquote>

<p>In some places (like <a href="https://www.peer.org/assets/images/campaigns/whistleblower/Arizona.pdf" rel="nofollow noreferrer">here</a>) it looks like they interpret this sentence to mean "Intellectual property that is a trade secret as defined in section 44-401 and that is contained in any of the following", but to me, it looks like it is saying something along the lines of "Information or intellectual property as defined in 44-401 or meets one of the following conditions"</p>

<p>Which is correct? Or is there some third more subtle interpretation that is most correct?</p>

<p>It seems that the second interpretation is the correct one, the first one was from an old version of the law, it was <a href="https://legiscan.com/AZ/bill/HB2272/2012" rel="nofollow noreferrer">changed in 2012 to the current text</a>. (the previous text read "Intellectual property that is a trade secret as defined in section 44-401 and that is contained in:")</p>

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