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 not only nonprofit corporations but also various governmental entities, such as municipal authorities and improvement districts, 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 the continuation of certain assets and liabilities if specified in the conversion documents.

Additionally, the bill updates provisions related to the Construction Assistance Revolving Loan Fund, allowing for the financing of a broader range 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 accessibility of water development programs in Arkansas, ultimately aiming to improve water service delivery and infrastructure.

Statutes affected:
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)
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)
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)