The bill aims to expand eligibility for water development state programs by amending the Water Authority Act and the uses of the Construction Assistance Revolving Loan Fund. Key changes include redefining "qualified corporation" to encompass a broader range of entities, such as governmental entities and investor-owned utilities, that provide potable water services. The bill also modifies the process for a qualified corporation to convert into a water authority, streamlining the requirements and allowing for continued existence of the corporation under certain conditions.

Additionally, the bill updates provisions related to the Construction Assistance Revolving Loan Fund, allowing for the financing of a wider array of environmental projects in accordance with the Clean Water Act. It clarifies the definition of "owner" to include both public and private entities involved in environmental projects. These amendments are designed to enhance the efficiency and effectiveness of water service delivery and environmental project financing in Arkansas.

Statutes affected:
Old version SB420 V2 - 3-17-2025 10:11 AM: 4-35-101, 4-35-103(7), 03-17-2025, 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)
Old version SB420 Original - 3-11-2025 10:46 AM: 4-35-101, 4-35-103(7), 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)
SB 420: 4-35-101, 4-35-103(7), 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)
Act 736: 4-35-101, 4-35-103(7), 03-17-2025, 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)